Details Title: cards Description: cards Total Flash Cards: 8 Created: 11/20/2008 07:57:45		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Economics Flashcards
Cards in this set: Term Homogeneous Product Definition same or similiar products Term heterogeneous prod. Definition Different type products; a car and a refrigerator. Term unique product Definition One of a kind Term Barriers to entry   Definition factors that inhibit the entry or exit of firms into or out of an industry Term Price-taker Definition a firm that accepts the market price determined by supply and demand Term Price leadership   Definition action taken by an industry leader to raise the price; other large firms follow suit Term price-setter Definition a firm that has control over the price of the product it sells Term non-price competition Definition firms complete on the basis of factors other than price.