Term
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Definition
| The setting in which a seller finds itself |
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Term
| perfect competitive structure |
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Definition
| A market characterized by 1) many buyers and many sellers 2) all firms selling identical goods 3) all relevant information about buying and selling activity available to buyers and sellers 4) easy entry into and easy exit out of the market |
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Definition
| A seller that can sell all its output at equilibrium price but can sell none of its output at any other price |
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Definition
| A market structure characterized by 1)a single seller 2) the sale of a product that has no close substitutes and 3) extremely high barriers to entry |
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Definition
| anything that prohibits a firm from entering a market |
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Definition
| a seller that can sell some of its output at various prices |
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Definition
| A right granted to a firm by governement that permits the firm to provide a particular good or service and excludes all others from doing so. |
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Definition
| a firm with such a low average total cost (per unit cost) that only it can survive in the market |
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Definition
| legislation passed for the stated purpose of controlling monopoly power and preserving and promoting competition. |
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Term
| monopolistic competitive market |
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Definition
| A market structure characterized by 1) many buyers and sellers 2) the production and sale of slightly differentiated product, and 3) easy entry into and easy exit from the market |
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Term
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Definition
| A market structure characterized by 1)few sellers 2) the production and sale of either identical or slightly differentiated product, and 3) significant barriers to entry |
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Definition
| an agreement that specifies how the firm that entered into the agreement will act in a coordinated way to reduce the competition among them |
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Definition
| practice by which seller charges different prices (to different buyers) for the product it sells when the price differences do not reflect cost differnces |
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Definition
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Term
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Definition
| a demand that is the result of some other demand |
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Definition
| a federal law that specifies the lowest hourly wage rate that can be paid to workers. |
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Definition
| an organization that seeks to increase the wage and improve the working conditions of its members |
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Definition
| An organization that hires only union members |
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Term
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Definition
| made the closed shop illegal and gave the states that right to pass right-to-work law |
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Definition
| An organization that requires employees to join the union within a certain period after being hired |
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Definition
| A work stoppage called by union members to put pressure on an employer |
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Definition
| A state law that prohibits the practice of requiring employees to join a union in order to work |
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Term
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Definition
| attempt to become a monopolist or trying to restrain trade is illegal |
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Term
| The Clayton Antitrust Act |
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Definition
| prohibits price discrimination and tying contracts |
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Term
| The Federal Trade Commission Act |
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Definition
| prohibit price-cutting, sometimes referred to as cutthroat pricing. |
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Term
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Definition
| attempt to decrease the failure rate of small businesses by protecting them from the competitions of larger and growing chain stores. |
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Term
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Definition
| empowered the Federal Trade Commission (FTC), a government agency, to deal with false and deceptive acts and prices by businesses. |
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Term
| When is it illegal for Price discrimination? |
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Definition
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