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Definition
| 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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Definition
| Outputs that differ from each other in only a small number of easily identifiable features |
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Definition
| 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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Definition
| A business decision to keep operating or not, based on the level of profits |
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Definition
| Paid communication with potential customers through public medium such as television, print, or website |
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Definition
| Market classification according to the number of buyers and sellers and the intensity of competition |
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Definition
| 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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Definition
| An illegal practice in which two or more oligopolists work together to keep the prices of their products artificially high |
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Definition
| Occurs when oligopolists let one company-the market leader- set prices in the market without direct communication |
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Definition
| A situation where a market has only one seller, and buyers have no good alternatives |
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Definition
| An industry in which it may make economic sense to have only one supplier |
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Definition
| The ability to raise prices above the level that perfect competition would produce by restricting the quantity supplied |
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