| A | B |
|---|
| Perfect Competition | an ideal market conditionwhich includes a large number of sellers of identical goods and services so that n oone seller controls supplies or prices |
| buyers | someone who consumes or purchases a good or service |
| seller | the producer of a good or service |
| monopoly | a market in which a single seller exercises exclusive control over a particular good or service |
| monopolistic competition | each seller seeks to have monopoly-like power by selling a unique product |
| differentiate | to point out something that distinguishes an item from similar items |
| product differentiation | an attemp by a seller in monopolistic competition to convince buyers that its product is differsnt from and superior to the nearly identical products of competitors |
| nonprice competition | any attempt by a seller to attract customers from its competitors other than by lowering prices |
