a market structure in which there is a single supplier of a good for service. Also, a firm that is the single supplier of a good or service for which there are no close substitutes
a market strucutre in which a few, relatively large firms account for all or most of the production or sales of a good or service in a particular market, and where barriers to new firms entering the market are very high.
a market structure in which slightly differentiated products are sold by a large number of relativel small producers, and in which the barriers to new firms entering the market are low
a market strucutre in which a large number of relatively small firms produce and sell identical products and in which there are no significant barriers to entry into or exit from the industry.
the degree of competition in a market, ranging from many buyers and sellers to few or even single buyers and sellers
attempts by two or more individuals or organizations to acquire the same goods, services ,or productive and finanicial resources.
places, institutions, or technological arrangments by means of which goods or services are exchanged; also the set of all sale and purchase transactions that affect the price of some good or service
a secret agreement between firms to fix prices or engage in other activities to restrict competition in an industry; illegal in the United States
an industry in which the advantages of large-scale production make it possible for a single firm to produce the entire output of the market at a lower average cost than a number of firms each producing a smaller quantity
any market strucutre in which firms are not price takers, but instead must seek the price and output levels that maximize their profits
barriers to entry
factors that restrict entry into an industry and give cost advantages to existing firms; i.e. resources or patents
a firm that is unable to set a price that difffers from the market price with losing profit; a firm in a perfectly competitive industry
an organization that is exempt from federal (and sometimes state) taxes; receives income from donors, subsidized beneficiaries, and indirectly, taxpayers; and therefore should provide its goods or services free or below cost
a legal entity owned by shareholders whose liability for the firm's losses is limited to the value of the stock they own
a business owned by one person who receives all the profits and is responsible for all the debts incurred by the business