| A | B |
|---|
| market structure | the extent to which competition prevails in particular markets |
| perfect competition | Market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price |
| monopoly | market situation in which a single supplier makes up an entire industry for a good or service with no close sustitutes |
| barriers to entry | obstacles to competition that prevent others from entering a market |
| economies of scale | low production costs resulting from the large size of output |
| patent | exclusive right to make, use, or sell an invention for a specified number of years |
| copyright | exclusive right to sell, publish, or reporduce creative works for specified number of years |
| oligopoly | industry dominated by a few suppliers who exercise some control over price |
| product differentiation | manufacturer's use of minor differences in uality and features to try to differentiate between similar goods and services |
| cartel | arrangement among groups of industrial businesses to reduce international compeition bh cotrolling the price, production, and distribution of goods |
| monopolistic competition | market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price |
