7-2 vocabulary jw
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| Occurs when there is only one seller of a product that has no close substitutes. | monopoly
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| A group that acts together to set prices and limit output. | Cartel
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| A firm that does not have to consider competitors when setting the prices of its products. | Price maker
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| Makes it hard for a new business to enter a market. | barrier to entry
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| Occurs when the costs of production are lowes with only one producer. | natural monopoly
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| Exists when the government either owns and runs the business or authorizes only one producer. | Government monopoly
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| Occurs when a firm controls a manufacturing method, invention, or type of technology. | technology monopoly
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| Exists when there are no other producers within a certain region. | Geographical monopoly
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| Occur when the average cost of production falls as the producer grows larger. | Economies of scale
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| Gives an inventor the exclusive property rights to that invention or process for a certain number of years. | patent
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| What are three characteristics of a monopoly? | Only one seller, restricted or regulated market, control of prices
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