| A | B |
|---|
| Celler-Kefauver Antimerger Act | A federal regulation intended to protect competitors from takeovers that would limit competition |
| Clayton Act | A federal regulation intended to prevent specific business actions that might prohibit competition |
| Competition | The rivalry among two or more businesses to attract scarce customer dollars |
| Direct competition | Rivalry between or among businesses that offer similar types of goods or services |
| Efficient | Using minimum amounts of resources to the best advantage |
| Exclusive agreement | An illegal agreement that forbids customers from buying goods and services from competitors |
| Federal Trade Commission Act | A federal regulation that established a regulatory agency |
| Indirect competition | Rivalry between or among businesses that offer dissimilar goods or services |
| Market structure | The type of market |
| Monopolistic competition | A type of market structure in which a lot of businesses sell similar products that have only a few differences |
| Monopoly | A type of market structure in which a market is controlled by one supplier |
| Nonprice competition | A type of rivalry between or among businesses that involves factors other than price (e.g. |
| Oligopoly | A market structure in which there are relatively few sellers and industry leaders usually determine prices |
| Perfect competition | A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition |
| Price competition | A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars |
| Price discrimination | An illegal activity in which a business charges different customers different prices for similar amounts and types of products |
| Price fixing | Illegal business agreement in which businesses agree on prices of their goods or services |
| Private enterprise system | An economic system in which individuals and groups |
| Rebate | A return of part of the price a customer pays for a good or service; usually offered by the product’s manufacturer |
| Regulated monopoly | Monopoly that the government allows to exist legally |
| Robinson-Patman Act | A federal regulation that prohibits price discrimination |
| Scarce | Limited |
| Sherman Antitrust Act | A federal regulation intended to prevent monopolies from forming and prices from being fixed |
| Standard of living | The general conditions in which people live; quality of life |
| Tying agreements | An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services |
