Lesson 1
This is a competition in which there are many buyers and sellers, there is a standardized product, the buyers and sellers are well informed, there is easy entry into and out of the market, and there is no control over prices.
What is Pure Competition
This is a market in which there is no competition; one company controls the market.
What is a monopoly
This is a type of market where there are only a few sellers, there is a nearly standardized product, and entry into the market is difficult.
What is an oligopoly.
This is when a few giant companies control important industries.
What is a trust
This is a way company attracts buyers by providing services to those who have bought products
What is customer services
This is when a product group in which competing products are nearly the same.
What is a standardized product.
This is a monopoly in which there is only one seller, there are no substitutes for a product or service, getting into and out of the market is difficult, and there is almost complete control over prices
What is a pure monopoly
This is when there is a series of price cuts to price below the competition
What is a price war
This is a name for a change to make things work better
Reform
This is a promise to fix something if it does not work.
What is a warranty
This is the contest between buyers and sellers.
What is competition
This is a monopoly that is allowed to exist because competition is not needed.
What is a natural monopoly
This is a secret agreement between competing firms to cooperate with eachother.
What is collusion.
This is the practice of selling different buyers the same product for different prices
What is price discrimination
This is the name of a product used to identify the product quickly, often through use of a logo.
What is Brand name
This is the industry that comes closest to a pure competitive market.
What is farming.
This guarantees the right to sole ownership of an invention to the inventor of the item.
What is a patent
This is an agreement to sell products for the same prices or similar prices
What is price-fixing
This is when one business buys another
What is a merger
This is a symbol that everyone knows, which is used to identify a product.
What is a logo
If buyers are aware of products and know every seller available they are said to be this.
What is well informed.
This guarantees the sole right given to writers and artists to sell or make copies of their works
What is a copyright.
This is a way for a company attracts buyers by showing their differences between their product and their competitors
What is differentiate
This is the quality or state of being greater.
What is majority
This is a type of market where there are many buyers and sellers, there is some product variation, and entry into the market is easy
What is monopolistic competition