Perfect Competition
Monopolies
Competition
Regulation & Deregulation
Misc.
100
A market structure in which a large number of firms all produce the same product
What is perfect competition
100
A market dominated by a single seller
What is monopoly
100
making a product different from other similar products
What is differentiation
100
Selling a product below cost to drive competitors out of the market
What is predatory pricing
100
A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
What is patent
200
a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk
What is commodity
200
factors that cause a producer's average cost per unit to fall as output rises
What is economies of scale
200
A way to attract customers through style, service, or location, but not a lower price
What is nonprice competition
200
laws that encourage competition in the marketplace
What is antitrust laws
200
The right to sell a good or service within an exclusive market
What is franchise
300
Any factor that makes it difficult for a new firm to enter a market
What is barrier to entry
300
A market that runs most efficiently when one large firm supplies all of the output
What is natural monopoly
300
A market structure in which a few large firms dominate a market
What is oligopoly
300
Like a cartel, an illegal grouping of companies that discourages competition
What is trust
300
A government issued right to operate a business
What is license
400
A market structure that does not meet the conditions of perfect competition
What is imperfect competition
400
A monopoly created by the government
What is government monopoly
400
Four Conditions of Monopolistic Competition
What is Many firms, few articficial barriers to entry, slight control over price, differentiated products
400
Combination of two or more companies into a single firm
What is merger
400
Division of customers into groups based on how much they will pay for a good
What is price discrimination
500
the expenses a firm must pay before it can begin to produce and sell goods
What is start-up costs
500
A market structure in which many companies sell products that are similar but not identical
What is monopolistic competition
500
A series of competitive price cuts that lowers the market price below the cost of production
What is price war
500
The removal of some government controls over a market
What is deregulation
500
The ability of a company to change prices and output like a monopolist
What is market power
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