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| also called pure competition, is an ideal market structure in which buyers,sellers, each compete directly and fully under the laws of supply and demand. |
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| this type of single- firm market is the basis for the market structure |
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| differs from perfect competition in one key respect sellers offer different, rather than identical, products |
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| point out differences, between their products and those of their competitors |
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| an attempt by a seller in monopolistic competition to convince buyers that its product is different from and superior to the nearly identical products of competitors |
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they compete on a basis other than price.
Ex. designer jeans that $75 and "no-name" jeans cost $25 are basically the same product. |
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| the most common noncompetitive market in the United States. |
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| by being very responsive to or dependent on the pricing actions of their competition. |
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| in which one of the largest sellers in the market takes the lead by setting a price for its product. |
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| in which sellers aggressively undercut each other's prices in an attempt to gain market share. |
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| when sellers secretly agree to set production levels or prices for their products is illegal and carries heavy penalties such as fines and even prison sentences for those involved. |
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| which 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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| the seller's large scale, or size, allows its to use its human, capital, and other resources more efficiently and economically than if those resources were divided amoung several smaller producers. |
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a general store in a remote community.
ex. has a geographic monopoly on groceries and many common household items. |
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| some monopolies when a 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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| the U.S. gov't give authors, musicians, and artists exclusive right to publish, duplicate, perform, display, and sell their creative works. |
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| any market in which a gov't is the sole seller of a product. |
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| the result was an era of "big business" as huge monopolies |
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| this philosophy states that economic systems prosper when the gov't doesnt interfere with the market in any way |
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| the practice of offering different prices to different customers under the same circumstances |
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| these acts were designed to monitor and regulate big business, prevent monopolies from forming, and dismantle existing monopolies |
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