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10 Cards in this Set
- Front
- Back
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Monopoly |
One firm dominates the market |
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Oligopoly |
Few large firms dominate the market |
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Price War |
Competitors cut their prices very low to win business |
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Collusion |
Agreement among members of the oligopoly to illegally set prices and production levels |
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Cartel |
Agreement by a formal organization to coordinate prices and production |
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Price fixing |
Agreement among firms to sell at the same or very similar prices |
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Trust |
Similar to a cartel illegal grouping of companies that discourage competition |
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Anti trust laws |
Laws that encourage competition in the market place |
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Deregulation |
Gov. Remove their control from the market |
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Predatory pricing |
Set market price low to drive other competitors out of business |
