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16 Cards in this Set
- Front
- Back
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a market structure in which a few large firms dominate a market
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oligopoly
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a market structure in which a large number of firms all produce the same product
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perfect competition
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a series of competitive price cuts that lowers the market price below the cost of production
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price war
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factors that cause a producer's average cost per unit to fall as output rises
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economies of scale
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an illegal grouping of companies that discourages competition
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trust
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the right to sell a good or service within an exclusive market
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franchise
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making a product unlike other products
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differentiation
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any factor that makes it difficult for a new firm to become part of a market
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barrier to entry
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combination of two or more companies into a single firm
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merger
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the removal of some government controls over a market
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deregulation
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a market dominated by a single seller
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monopoly
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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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patent
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the expenses a firm must pay before it can begin to prodce and sell goods
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start-up costs
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division of customers into groups based on how much thay will pay for a good
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price dicrimination
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a product that is considered the same no matter who produces it
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commodity
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a government-issued right to operate a business
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license
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