| A | B |
|---|
| perfect competition | an ideal market where no one seller controls supply or prices |
| monopoly | a single seller has exclusive control over a good or service |
| oligopoly | a market where a few large sellers control most of the production of a good or service |
| price war | a series of price reductions so drastic that each seller suffers |
| cartel | a group of sellers or producers who unite to control prices |
| patent | a government document giving an inventor exclusive rights |
| copyrights | a government-granted right to exclusively duplicate, perform, display, publish, and sell copies of a literary, musical, or artistic work |
| trusts | companies who join together to elimate competition |
| laissez faire | government philosophy that opposes intervention in the market place |
| antitrust legislation | federal and state laws that regulate big business and labor unions to prevent or dismantle monopolies |
