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perfect competition

ideal market condition: large number of sellers of identical goods

seller

producer

monopolistic competition

a market structure in which many companies sell products that are similar but not identical

product differentiation

attempt by seller to convince buyers its product is different and better

oligopoly

a market structure in which a few large firms dominate a market

price leadership

one firm sets its price first, and other firms then follow

collusion

effort by producers of a particular product to secretly set production levels or prices

natural monopoly

A market situation where the costs of production are minimized by having a single firm produce the product.

geographic monopoly

market structure in which one firm has a monopoly in a geographic area

patent

a document granting an inventor sole rights to an invention

government monopoly

monopoly operated and owned by the government

price discrimination

SETTING OF DIFFERENT PRICES FOR DIFFERENT
BUYERS UNDER THE SAME CIRCUMSTANCE

buyer

consumer

monopoly

(economics) a market in which there are many buyers but only one seller

differentiate

to point out something that distinguish an item from similar items

non price competition

any attempt by seller to attract customer from its competitors

interdependent pricing

setting of price in a manner responsive to or dependent in ones competition

price war

series of price reduction that hurts the seller

cartel

group of producers/sellers of a certain good/service who unite to control price, outpput, and market share

economies of scale

factors that cause a producer's average cost per unit to fall as output rises

technological monopoly

type of monopoly where methods or equipment allow a firm to be more dominant

copyright

a document granting exclusive right to publish and sell literary or musical or artistic work

trust

a group of companies join force to eliminate competition in an industry and therfore going monopoly

laissez faire

the doctrine that government should not interfere in commercial affairs

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