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Understanding Market Structures and Competition

Learn about market structures, monopolies, collusion, patents, and more in the world of economics. Explore barriers to entry, deregulation, and antitrust laws affecting businesses.

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Understanding Market Structures and Competition

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  1. 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

  2. What is a product that is considered the same no matter who produces it?

  3. commodity

  4. What is any factor that makes it difficult for a new firm to become part of a market?

  5. barrier to entry

  6. What is a formal organization of producers that agree to coordinate prices and production?

  7. cartel

  8. What is agreement among firms to divide the market, set prices, or limit production?

  9. collusion

  10. What are factors that cause a producer’s average cost per unit to fall as output rises?

  11. economiesof scale

  12. What is a government-issued right to operate a business?

  13. license

  14. What is the removal of some government controls over a market?

  15. deregulation

  16. What is a monopoly created by the government?

  17. government monopoly

  18. What is the ability of a company to change prices and output like a monopolist?

  19. market power

  20. What is a market structure in which many companies sell products that are similar but not identical?

  21. monopolistic competition

  22. What is combining two or more companies into a single firm?

  23. merger

  24. What is the right to sell a good or service within an exclusive market?

  25. franchise

  26. What are laws that encourage competition in the market place?

  27. antitrust laws

  28. What is a market that runs most efficiently when one large firm supplies all of the output?

  29. natural monopoly

  30. What is a market structure in which a large number of firms all produce the same product?

  31. perfect competition

  32. What is a market dominated by a single seller?

  33. monopoly

  34. What are the expenses a firm must pay before it can begin to produce and sell goods?

  35. start-up costs

  36. What is an illegal grouping of companies that discourages competition?

  37. trust

  38. What is a market structure in which a few large firms dominate a market?

  39. oligopoly

  40. What is the division of customers into groups based on how much they will pay for a good?

  41. price discrimination

  42. What is a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time?

  43. patent

  44. What is a way to attract customers through style, service, or location, but not a lower price?

  45. nonprice competition

  46. What is selling a product below cost to drive competitors out of the market?

  47. predatory pricing

  48. What is an agreement among firms to charge one price for the same good?

  49. price fixing

  50. What is a series of competitive price cuts that lowers the market price below the cost of production?

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