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20 Cards in this Set
- Front
- Back
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antitrust laws
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encourages competition
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barrier to entry
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makes it difficult for new firms to enter
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cartel
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formal organization of producers
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commodity
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objects that have value
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deregulation
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removal of gov't control
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differentation
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making different product
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economies of scale
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causes a.c per unit to fall
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franchise
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right to sell
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license
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gov't issued right
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market power
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ability to change prices
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merger
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combination of two or more companies
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monopoly
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market dominated by single seller
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oligopoly
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market structure in which few large firms dominate
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patent
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license for inventors
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perfect competition
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same products produced
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price discrimmination
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division of customers
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price fixing
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firms agreement of same price
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price war
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competitive price cuts
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start up costs
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expenses firm must pay before starting
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trust
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illegal grouping
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