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| A market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competiiton may or may not be found. |
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| Anything that artificially prevents the entry of firms into an industry. |
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| The same-time derivation of utility from some product by a large number of consumers. |
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| Increases in the value of a product to each user, including existing users, as the total number of users rises. |
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| The production of output, whatever it level, at a higher average (and total) cost than is necessary for producing that level of output. |
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| The actions by persons, firms, or unions to gain special benefits from government at the taxpayers' or someone else's expense. |
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| The selling of a product to different buyers at different prices when the price differences are not justified by differences in cost. |
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| The price of a product that results in the most efficient allocation of an economy's resources and that is equal to the marginal cost of the product. |
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| The price of a product that enables its producer to obtain a normal profit and that is equal to the average total cost of producing it. |
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