| A | B |
|---|
| oligopoly | a market in which a few large sellers control most of the production of a good or service |
| interdependent pricing | the setting of prices dependent to or responsive to one's competitors |
| price leadership | a situation in which one major seller in an industry sets a price and other sellers follow order to remain competitive |
| price war | a series ofprice reductions that may become so drastic |
| collusion | an effort by producers of a particular product to secretly set production levels or prices |
| cartel | group of producers or sellers of a certain good or service who unite to control prices, output, and market share |
| natural monopolies | a market in which competition is inconvenient and impractical, and thus efficiency is best achieved by a single seller |
| economies of scale | a condition in which, because of the level of resources needed, the cost of producing each unit of a product declines as the total number of units produced increased |
| geographic monopoly | a market whose geographic area is so limited that a single seller can control an iten's manufacture, sale, distribution, or price |
| technological monopolies | a market that is dominated by a single producer because of new technology it has developed |
| patent | a government document granting an inventor the right to produce, use, or sell an invention exclusively for a limited period of time |
| copyrights | a government-granted right to exclusively duplicate, perform, display, publish and sell copies of a literary,. musical, or artistic work for a specified period of time |
| government monopoly | a market in which a government is the sole producer or seller of a product |
