Term
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Definition
| a firm that is the sole seller of a product without close substitutes |
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Term
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Definition
| a key resource required for production is owned by a single firm |
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Term
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Definition
| the government gives a single firm the exclusive right to produce some good or service |
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Term
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Definition
| a single firm can produce output at a lower cost than can a larger number of producers |
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Term
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Definition
| a monopoly that arises because a single firm can supply a good or service to an entire market at a small cost than could two or more firms |
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Term
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Definition
| the business of practice of selling the same good at different prices to different customers |
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