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| the only seller of a good/service that doesn't have a close substitute |
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| exclusive right to a product for 20 yrs from date the product was invented |
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| gov-granted exclusive right to produce and sell a creation |
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designation by the gov that a firm is the only legal provider of a good/service |
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| exist when the usefulness of a product increases w/ the number of consumers who use it |
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| situation in which economies of scale are so large that one firm can supply the entire market at a lower avg total cost than can 2 or more firms |
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| ability of a firm to charge a price greater than marginal cost |
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agreement among firms to charge the same price or otherwise not to compete |
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| laws aimed at eliminating collusion and promoting competition among firms |
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| merger between firms in the same industry |
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| merger between firms at diff stages of production of a good |
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| costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods/services |
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| charging diff prices to diff customers for the same product when the price differences are not due to differences in cost |
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Definition
| situation in which consumers pay one price (tariff) for the right to buy as much of a related good as they want at a second price |
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