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9 Cards in this Set
- Front
- Back
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Monopoly |
A market dominated by a single seller |
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Economies of scale |
Factors that cause a producer's average cost per unit to fall as output rises |
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Natural monopoly |
A market that runs most efficiently when one large firm supplies all of the output |
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Government monopoly |
A monopoly created by the government |
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Patent |
A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time |
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Franchise |
The right to sell a Good or service within an exclusive market |
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License |
A.givernment issued right to operate a business |
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Price discrimination |
Division of customers into groups based in how much they will pay for a good |
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Market power |
The ability of a company to change prices and output like a monopolist |
