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| an economic model of competition among businesses in the same industry |
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| ideal model of market economy |
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| one that consumers see as identical regardless of producers |
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| business that accepts the determined price by supply and demand |
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| occurs on markets that have fewer sellers or products that are not standardized |
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| occurs when there is only one seller of a product that had no close substitutes |
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| a group that acts together to set prices and limit output |
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Definition
| a firm that does not have to consider competitors when setting the prices of its product |
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Definition
| makes it hard for a new business to enter the market |
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Definition
| occurs when the costs of production are lowest with only one producer |
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Definition
| exists when the government either owns and runs the business or authorizes only one producer |
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| occurs when a firm controls a manufacturing method, invention, or type of technology |
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| exsists when there are no other producers within a certain region |
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Definition
| occurs when the average cost of production falls as the producer grows larger |
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Definition
| gives an inventor the exclosive property rights to that invention or process for a certain number of years |
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| occurs when many sellers offer similar, but not standardized products |
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| the effort to distinguish a product from similar products |
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| occurs when producers use factors other than low price to try to convince customers to buy their product |
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Definition
| a moderated discussion with small groups of consumers |
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Definition
| a market srtucture in which only a few sellers offer a similar product |
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Definition
| a company's percent of total sales in a market |
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Definition
| the expenses that a ew business faces when it enters a market |
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Definition
| a set of rules or laws designed to control buisness behavior |
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| defines monopolies and gives government the power to control them |
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| a group of firms combined to reduce competition in an industry |
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| the joining of two firms to form a single firm |
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Definition
| occurs when buisnesses agree to set prices for competing products |
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Definition
| occurs when competing businessess divide a mrket amongst themselves |
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Definition
| occurs when businesses set price below cost for a time to drive competitors out of a market |
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Definition
| requires a firm to stop an unfair business practice |
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| a policy that requires businesses to reveal product information |
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Definition
| reduces or removes government control of business |
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