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11 Cards in this Set
- Front
- Back
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Antitrust Laws |
Laws aimed at eliminating collusion and promoting competition among firms. |
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Collusion |
An agreement among firms to charge the same price or otherwise not to compete.
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Copyright |
A government-granted exclusive right to produce and sell a creation.
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Horizontal Merger |
A merger between firms in the same industry.
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Market Power |
The ability of a firm to charge a price greater than marginal cost.
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Monopoly |
A firm that is the only seller of a good or service that does not have a close substitution. |
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Natural Monopoly |
A situation in which economies of scale are so large that one firm can supply the entire market at a lower average total cost than can two or more firms.
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Network Externalities |
A situation in which the usefulness of a product increases with the number of consumers who use it.
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Patent |
The exclusive right to a product for a period of 20 years from the date the patent is filed with the government.
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Public Franchise |
A government designation that a firm is the only legal provider of a good or service.
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Vertical Merger |
A merger between firms at different stages of production of a good. |
