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20 Cards in this Set

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