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10 Cards in this Set
- Front
- Back
monopoly
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market with only one seller
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monopsony
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market with only one buyer
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market power
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Ability of a seller or buyer to affect the price of good
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barrier to entry
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condition that impedes entry by new competitors
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rent seeking
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spending money in socially unproductive efforts to acquire, maintain, or exercise monopoly (lobbying)
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natural monopoly
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firm that can produce theentire output of the market at a cost lower that what it would be if there were sevarl firms
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oligopsony
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market with only a few buyers
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bilateral monopoly
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market with only one seller and one buyer
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parallel conduct
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form of implicit collusion in which one firm consistently follows actions of another
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predatory pricing
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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
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