Term
perfect competition/
pure competition |
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Definition
| 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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| points out differences between products |
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| sellers compete on a basis other than price |
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| market structure in which a few large sellers control most of the production of a good or service |
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| dependency on pricing actions of comppetitors |
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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 other's prices in an attempt to gain market share |
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| sellers 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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| seller's large scale, or size, allows it to use its human, capital, and other resources more efficiently and economically than if those resources were divided among several smaller products |
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| market's potential profit is so limited by its geographical location that only a single seller decides to enter the market |
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| 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 an individual the exclusive right to produce, use, rent, and sell an invention or discovery for a limited time |
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| gives exclusive rights to publish, duplicate, perform, display, and sell creative works |
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| any market in which a government is the sole seller of a product |
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| 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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| designed to monitor and regulate big business, prevent monopolies from forming, and dismantle existing monopolies |
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| practice of offering different prices to different customers under the same circumstances |
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