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| An ideal market structure in which buyers and sellers each compete directly and fully under the laws of supply and demand. |
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| One seller controls all production of a good or service. |
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| Sellers offer different, rather than identical, products. |
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| An attempt by a seller to convince buyers that its product is different from and superior to the nearly identical products of competitors. |
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| Competing on a basis other than price. |
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| A market structure in which a few large sellers control most of the production of a good or service. |
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| Being very responsive to the pricing actions of their competitors. |
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| One of the largest sellers in the market takes the lead by setting a price for its product. |
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| Sellers aggressively undercut each others prices in an attempt to gain market share. |
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| When sellers secretly agree to set production levels or prices for their products. |
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| Companies openly organize a system of price setting and market sharing. |
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| Feature a single large seller that produces a good or service most efficiently. |
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| The sellers large size allows its human, capital, and other resources more efficiently and economically than if those resources were divided among several smaller producers. |
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| A market's potential profit is so limited by its geographic location that only a single seller decides to enter the market. |
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| When a producer develops new technology that enables the creation of a new product or that changes the way an existing product is made. |
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| Grants a company or individual the exclusive right to produce, use, rent, and sell and invention or discovery for a limited time. |
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| The U.S. government gives authors, musicians, and artists exclusive rights to publish, duplicate, perform, display, and sell their creative works. |
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| Any market in which the government is the sole seller of a product. |
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| A group of companies that combine to eliminate competition in an industry and thereby gain a monopoly. |
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| Philosophy that states that economic systems prosper when the government does not interfere with the market in any way. |
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| Acts designed to monitor and regulate big businesses, prevent monopolies from forming, and dismantle existing monopolies. |
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| The practice of offering different prices to different customers under the same circumstances. |
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