Pure competition vs. monopoly

1. Pure competition vs. monopoly Unit 7

2. Vocabulary 1 • pure=clean • competitive • portion=part, fragment • output • single=one, individual • have an influence ON sth.= influence sth. • condition=term, circumstance • characterise • homogeneous=uniform, same • sell-sold-sold • identical • nearly=almost • perfectly (adv.) • be substitutable for sth.=be interchangeable • advertise • advantages vs. disadvantages • distinguish=differentiate • consumer • competing

3. Vocabulary 2 • independent of sth. • exist • assumption= premise, presupposition • rule out= eliminate, rid of, reject • collusion= a secret agreement btw. Two or more parties for a deceitful purpose • affect sth.=influence • ensure=secure • commodity=good • relative to=in proportion to • perceptible=noticeable • barrier=obstacle • entry vs. exit • feature=characteristic • essential=basic • raw material • regulation • behaviour=demeanour • equal • access=approach

4. Vocabulary 3 • basis (sing.) –bases (pl.) • the basis for sth.=the grounds for sth. • prevail=dominate • v. act • in fact=actually • in turn • extreme • amount • therefore=thus=hence • seek-sought-sought= search • maximise=increase • be composed of sth. • refer to sth. as… • rare=uncommon • monarch=king • grant=give a favour or a right • individual • a variety of sth.= range, scope, diversity • undertaking=task, project, labour, venture

5. Vocabulary 4 • empower=give the right to sth.=entitle • entire • exert=apply, use,have • manifest=reflect, show, demonstrate • v. charge • apply sth. TO sth. • technically • concern sth.= be related to, be relevant • criterion - criteria • exhibit=demonstrate, show • substitutabilty • isolation • a matter of degree • raise-rasied-raised • consideration=condition, information; regard • legal • economies of scale • merchant-trader