Definitions
Competition in which there are many buyers and sellers
Pure Competition
Right of sole ownership of an invention given up to the inventor of an item
Patent
The economic contest among buyers and sellers is
Competition
one way to maintain a monopoly is by keeping out
New producers
A market in which there is little to no competition
Monopoly
A type of market where there are only a few sellers, there is nearly a standardized product
Oligopoly
The closest example of a pure competitive market occurs in the area of
Farming
One way companies try to attract buyers is to____ between their product and their competitors
Differentiate
The sole right given to writers and artists to sell or make copies of their work
Copyright
A secret agreement between competing firms to cooperate with each other
Collusion
The opposite of pure competition
Pure monopoly
A ____ may occur when sellers lower prices below the competition
Price war
A product group in which competing products are nearly the same
Standardized Product
An agreement to sell products for the same similar prices
Price fixing
A few large companies control the market in a
Oligopoly
Giant monopolies of the late 1800s were called
Trusts