an ideal market condition that includes a large number of sellers of identical goods and services and in which no one seller controls supply or prices.
someone who purchases or consumes a good or service.
the producer of a good or service.
a market in which a single seller exercises exclusive or nearly exclusive control over a particular good or service.
a market in which many producers offer a similar-but not identical-good or service.
to point out something that distinguishes an item from similar items; to make distinctions among similar things.
an attempt by a seller in monopolistic competition to convince buyers that its product is different from and superior to the nearly identical products of competitors.
any attempt by a seller to attract customers from its competitors other than by lowering its prices.
a market in which a few large sellers control most of the production of a good or service.
the setting of prices in a manner responsive to-or dependent on-one's competitors.
a situation in which one major seller in an industry sets a price and other sellers follow in order to remain competitive.
a series of price reduction that may become so drastic that each seller involved suffers considerable losses.
an effort by producers or sellers of a particular product to secretly set production levels or prices.
group of producers or sellers of a certain good or service who unite to control prices, output, and market share.
a market in which competition is inconvenient and impractical, and thus efficiency is best achieved by a single seller.
economies of scale
a condition in which, because of the level of resources needed, the cost of producing each unit of a product declines as the total number of units produced increases.
a market whose geographic area is so limited that a single seller can control an item's manufacture, sale, distribution, or price.
a market that is dominated by a single producer because of new technology it has developed.
a government document granting an inventor the right to produce, use, or sell an invention exclusively for a limited period of time.
a government-granted right to exclusively duplicate, perform, display, publish, and sell copies of a literary, musical, or artistic work for a specified period of time.
a market in which a government is the sole producer or seller of a product.
a group of companies that combine to eliminate competition in an industry and thereby gain a monopoly.
economic philosophy that opposes government intervention in the market.
federal and state laws that regulate big business and labor unions to prevent or dismantle monopolies.
the setting of different prices for different buyers under the same circumstances.
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