| A | B |
|---|
| Monopolistic competition | a market structure in which many companies sell products that are similar but not identical |
| Differentiation | making a product different from other similar products |
| Nonprice Competition | a way to attract customers throug style, service or location, but NOT a lower price |
| Oligopoly | a market structure in which a few large firms dominate the market |
| Price War | a series of competitive price cuts that lowers the market price below the cost of production |
| Cullusion | an illegal agreement among firms to divide the market, set prices or limit production |
| Price Fixing | an agreement among firms to charge one price for the same good |
| Cartel | a formal organization of producers that agree to coordinate prices and production |
| Economies of Scale | factors that cause a producer's average cost per unit to fall as output rises |
| Monopoly | a market in which a single seller dominates |
