Shared Flashcard Set

Details

Market Structure
n/a
10
Economics
12th Grade
11/19/2009

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Cards

Term
Pure Competition (Type of Product)
Definition
Homogenious
Term
Monopolistic Competition (Type of Product)
Definition
Heterogenious
Term
What is a monopoly
Definition
One company has total control of a market.
Term
Price taker
Definition
A firm that takes the market price determined by supply and demand
Term
Price setter
Definition
A firm that has control over the price of the product is sells; no competition.
Term
Price leadership
Definition
action taken by industry leader (i.e., Nike) to raise the price; other large firms follow suit (Put which market structure this is.
Term
Anti-trust legislation
Definition
Bills and acts designed to monitor and regulate big business, prevent monopolies.
Term
What is a pure oligopoly
Definition
Where a market only has a few companies that control it. Like the mail service.
Term
Homogeneous product
Definition
products are the same or similar; easily substituted
Term
Heterogeneous products
Definition
differentiated product; real or perceived differences exist (color, style, quality)
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