Important features of a market such as the number of buyers and sellers, ease of entering the market, and forms of competition
What is Market Structure
100
A sole supplier of a product with no close substitutes
What is Monopoly
100
Anything that prevents new firms from competing on an equal footing with existing firms in an industry
What is What is barries to entry
100
The difference between the total amount consumers are willing to pay for a given quantity of a good and what they quantity of a good and what they actually pay
What is Market Demand
200
A market structure with many fully informed buyers and sellers of an identical product with no barries to entry
What is Perfect Competition
200
The ability of a firm to raise its price without losing all its customers to rivals
What is Market power
200
The three Types of entry Barries
What are legal restrictions, economies of scale, and control of an essential resource
300
A product that is identical across sellers, such bushel of wheat
What is Commodity
300
Monopoly is the sole supplier of a product wiht no close substitutes
What is One seller
300
Since the 1930s, the worlds diamond trade has been controlled primarily by