Term
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Definition
| A large number of items all produce the same product |
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Term
Lower consumer price,
improved products,
efficiency,
innovation |
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Definition
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Term
Many buyers and sellers,
identicle products,
buyers and sellers are well-informed,
sellers are able to enter and exit market freely |
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Definition
| 4 conditions for a perfect market |
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Term
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Definition
| example of a perfect market |
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Term
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Definition
| a market dominated by a single seller |
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Term
| Medication for serious illness |
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Definition
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Term
| Govt regulations, patent laws, prohibitive cost |
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Definition
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Term
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Definition
| factors that cause a producers average cost per unit to fall as output rises |
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Term
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Definition
| a market that runs most efficiently when one large firm supplies the output. |
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Term
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Definition
| example of a natural monopoly |
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Term
| Number of firms:one, Variety of goods:none, Barriors to entry:complete and total, Control over prices:complete and total |
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Definition
| factors needed for a monopoly |
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Term
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Definition
| technology that destroyed a large telephone company |
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Term
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Definition
| monpoly created by the govt. |
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Term
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Definition
| encourages research and development by govt. |
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Term
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Definition
| the right to sell a good or service in an exclusive market |
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Term
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Definition
| example of a concession franchise. |
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Term
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Definition
| a govt issued right to a business |
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Term
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Definition
| example of a liscenced business. |
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Term
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Definition
| example of an industrial organization |
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Term
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Definition
| division of customers into groups based on how much they will pay for a good. |
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Term
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Definition
| the ability of a company to change prices and output like a monopolist |
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Term
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Definition
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Term
| senoir citizens and children |
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Definition
| these people are targeted for discounts |
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Term
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Definition
| who fly free and stay at hotels free |
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Term
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Definition
| a market structure in which many companies sell products that are similar but not identicle |
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Term
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Definition
| example of a monolistic competition |
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Term
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Definition
| attract to customers through style service or location but not lower price |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| a market dominated by a few large profitable firms |
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Term
| cola, cars, movie studios |
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Definition
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Term
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Definition
| market leader starts price increases or cuts by making these plans clear to other firms. |
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Term
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Definition
| prices and production level set in secret meetings. |
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Term
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Definition
| agreement among members of an oligopoly to set prices at the same level |
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Term
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Definition
| agreement by a formal organization of producers to coordinate prices and producation |
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Term
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Definition
| set market price below cost for the short term to drive competition out of the market |
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Term
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Definition
| prosecuted and company can be broket up or dissolved |
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Term
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Definition
| first offense of the anti trust law |
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Term
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Definition
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Term
| standard oil, american tobacco, american telephone and telegraph |
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Definition
| broken up monopolies by the government |
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Term
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Definition
| when two or more companies combine resources to improve profits |
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Term
| federal trade commission. dept of justces and anti trust divisions |
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Definition
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Term
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Definition
| removal of some govt controls over a market |
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