| A | B |
|---|
| monopolistic competition | market structure that has all the conditions of perfect competition except for identical products |
| laissez-faire | philosophy that government should not interfere with business activities |
| oligopoly | market structure in which few large sellers dominate the industry |
| collusion | formal agreement between firms to set prices or to behave in a cooperative manner |
| monopoloy | a market structure with only one seller of a particular product |
| imperfect competition | a market structure that lacks one or more of the conditions of perfect competition |
| perfect competition | a theoretical ideal in which a large number of well-informed independent buyers and sellers exchange identical products |
| technological monopoloy | a monopoly based on ownership or control of a manufacturing method, process, or other scientific advancement |
| market structure | the nature and degree of competition among firms in the same industry |
| economies of scale | situation in which the average cost of production falls as the firm gets larger, thereby justifying the firm to be as large as is necessary to reduce production costs |
| trust | combination of corporations or companies organized to hinder competition |
| externality | unintended side effect that either benefits or harms a third party not involved in the activity that caused it |
| price-fixing | a form of collusion in which firms agree to charge the same or similar prices for a product |
| market failure | usually involves inadequate competition, inadequate information, resource immobility, public goods or externalities |
