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Market Structure

STUDY
PLAY
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