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Economics
N/A
10
Economics
12th Grade
11/18/2009

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Cards

Term
Homogeneous Product
Definition
Products are the same or similar; easily substituted
Term
Heterogeneous Product
Definition
Differentiated product; real or percieved differeces exist (color, style, quality)
Term
Pure Competition
Definition
Many firms, homogeneous, price is determined by market, no ponprice competition
Term
Monopolistic Competition
Definition
Many firms, heterogeneous, price determined by market and small amount of discretion, some nonprice competition (i.e., advertising)
Term
Pure Oligopoly
Definition
Few firms, homogeneous, price determined by market and considerable discretion and leadership
Term
Differentiated Oligopoly
Definition
Few firms, heterogeneous, price determined by market and considerable discretion and leadership, extensive nonprice competition
Term
Monopoly
Definition
One firm, establishes price at most profitable level possible, advertising of firms image is their nonprice competition
Term
Price Leadership
Definition
Action taken by industry leader (i.e., Nike) to raise the price; other large firms follow suit
Term
Anti-Trust Legislation
Definition
Bills and acts designed to monitor and regulate big business; prevent monopolies
Term
Price Setter
Definition
A firm that has control over the price of the product it sells; no competition (i.e., monopoly)
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