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| A situation in which all buyers and sellers in a market are price takers. |
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| A market which is characterized by perfect competition. |
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| Buyers and sellers who take the market price as given and make their buying and production decisions accordingly. |
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| Outputs that differ from each other in only a small number of easily indentifiable features. |
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| New businesses competing in an existing market, or existing businesses that are expanding into a new market. |
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| Anything that makes it difficult for a new competitor to enter a market. |
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| A business decision to keep operating or not, based on the level of profits. |
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| Paid communication with potential customers through a public medium such as television, print, or a website. |
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| Market classification according to the number of buyer and sellers and the intensity of competition. |
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| A situation where a market has many sellers with similar but not standardized products. |
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| A situation where a market has only a small number of sellers producing similar products. |
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| An illegal practice in which two or more oligopolists work together to keep the prices of their products artificially high. |
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| Occurs when oligopolists let one company-the market leader-set prices in the market without direct communication. |
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| A situation where a market has only one seller, and buyers have no good alternatives. |
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| An industry in which it may make economic sense to have only one supplier. |
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| The ability to raise prices above the level that perfect competition would produce by restricting the quantity supplied. |
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