econ chap 7 vocab

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perfect competition

a market structure in which a large number of firms all produce the same product

commodity

a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk

barrier to entry

Any factor that makes it difficult for a new firm to enter a market

imperfect competition

a market structure that does not meet the conditions of perfect competition

start up costs

the expenses a firm must pay before it can begin to produce and sell goods

monopoly

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

economies of scale

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

natural monoploy

A market that runs most efficiently when 1 large firm supplies all of the output

government monopoly

a monopoly created by the government

patent

a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time

franchise

The right to sell a good or service within an exclusive market

license

a government issued right to operate a business

price discrimination

Division of customers into groups based on how much they will pay for a good

market power

the ability of a company to change prices and output like a monopolist

monopolistic competition

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

differentiation

making a product different from other similar products

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