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18 Cards in this Set
- Front
- Back
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What is market structure:
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the extent to which competition exists in some markets
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1st condition in a perfect competition:
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Large market- buyers must exists for product
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2nd condition in a perfect competition:
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A similar product- product must be identical
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3rd condition in a perfect competition:
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Easy Entry and Exit
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4th condition in a perfect competition:
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Easily Obtainable Information- prices, quality and supply are easy for the buyer and seller
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5th condition in a perfect competition:
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Idependence- seller works by themselves
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What is a monopoly:
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a single seller controls the supply of the good or service and thus determines
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!st condition of monopoly:
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A single seller- only one seller exists
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2nd condition of monopoly:
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no subsitutes- no close subsitutes for the product
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3rd condition of monopoly:
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no entry- cannot enter the market
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4th condition of monopoly:
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control over market price- control of supply=control market price)
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What are patents:
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right to manufacture, rent, or sell your invention
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what are copyrights:
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protects art, literature, song lyrics, and other creative works
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what is a oligolopy:
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an industry dominated by several suppliers who have some control over price
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what is anitrust:
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state laws passed to prevent new monopolies from forming and to break those that exist
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Sherman Antitrust Act:
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protect trade and commercer against monopoly
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Clayton Act:
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prohibited or limeted a number of specific business practices that lessened competition
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Federal Trade Act:
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power to bring court cases against private businesses in unfair trade practices
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