Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
monopoly
|
market with only one seller
|
|
|
monopsony
|
market with only one buyer
|
|
|
market power
|
Ability of a seller or buyer to affect the price of good
|
|
|
barrier to entry
|
condition that impedes entry by new competitors
|
|
|
rent seeking
|
spending money in socially unproductive efforts to acquire, maintain, or exercise monopoly (lobbying)
|
|
|
natural monopoly
|
firm that can produce theentire output of the market at a cost lower that what it would be if there were sevarl firms
|
|
|
oligopsony
|
market with only a few buyers
|
|
|
bilateral monopoly
|
market with only one seller and one buyer
|
|
|
parallel conduct
|
form of implicit collusion in which one firm consistently follows actions of another
|
|
|
predatory pricing
|
practice of pricing to drive current competitors out of business and to discourage new entrants in a market so that a firm can enjoy higher future profits
|
