| A | B |
|---|
| differentiated oligopoly | Exists when a few producers dominate the production of similar products |
| perfect competition | Exists only when all barriers to competitive markets have been abolished |
| geographic monopoly | Occurs when a firm is the only producer or seller of a good or service in a specific location |
| informative advertising | Intended to provide consumers with information on the price, quality, and special features of specific products |
| technological monopoly | Occurs when a firm develops new technology that changes the way goods are produced or creates an entirely new product |
| pure monopoly | Exists whan a single firm controls the total production or sale of a good or service |
| natural monopoly | Industry in which competition is inconvenient, impractical, and unworkable |
| competetive advertising | Tries to persuade consumers that the product being advertised is better than substitute goods |
| pure oligopoly | Exists when a few producers dominate the production of an identical product |
| government monopoly | Monopoly owned and operated by any level of government |
| economies of scale | Exists when firms are large enough to take advantage of mass production techniques that result in lower per unit production costs |
