a requirement that one obtain permission from the governemt in order to perform certain business activities or work in various occupations
a market structure characterized by (1) a single seller of a well-defined product for which there are no good substitutes and (2) high barriers to entry of any other firms into the market for that product.
a market situation in which a small number of sellers constitutes the entire industry. It is competition among the few.
the agreement among firms to avoid competitive practices. Firms will agree to limit output and keep prices high.
an organization of sellers designed to coordinate supply decisions so that the joint profits of the members will be maximized. A cartel will seek to create a monopoly in the market.
a strategy that is best for a player in a game regardless of the strategies chosen by other players.
the analysis of strategic choices made by competitors in a conflict situation.
a market situaion in which the average costs of production continually decline with increased output. Specifically in this situation, the average costs of production will be lowest when a single, large firm produces the entire output demanded by the marketplace