| A | B |
|---|
| laissez-faire | no government interference |
| market structure | nature and degreee of compitition amopng firms operating in the same industry |
| pure compitition | well-informed buyer and sellers of the same industrial product |
| imperfect compititon | market structure where all consition of pure compitition are not met |
| monopolistic compititon | the same as pure but all the products are the same |
| product differentiation | real or imagined differences in competing products in the same industry |
| non-price compitition | when advertising or other tactics try to convince buyers that their product is more practical |
| oligopoly | industry where few large sellers dominate and have the ability to affect prices in an industry |
| monopoly | market struscture that is chracterized by a single producer |
| collusion | a formal agreement to set prices or otherwise behave in a cooperative manner |
| price-fixing | agreeing to charge the same or similar pirce for a product |
| price war | a series of price cuts by all producers that may lead to unusuallly low prices in the industry |
| independent pricing | the oligopolist set their price based on the demand for a product |
| price leadership | when one firm takes the lead and intiaties most of the price changes |
| natural monopoly | a market situation where costs are minimized by having a single firm produce the product |
| franchise | exclusive right to produce or sell a certain product in an area or region |
| economies of scale | a situatiion on which the larger the firm graows the more efficiently it uses its personal plant and equipemnt |
| geographic monopoly | markey situation where a firm had a monopoly because of its location or the small size of its market |
| technical monopoly | situation where a firm had a monoply because of its owns or a control manufactureing method, process, or other scientific advantage |
| patent | gov granted right to sell or use any new art, machine, item of manufacture, or composition |
| copyright | right given to an author or artist to sell publish or reproduce his or her work for their lifetime plus 50 years |
| government monopoly | monopoly created or owned by the government |
| market failure | occurs when any condition change signifigantly |
| externality | economic side effect that affects an univovled third party |
| postive externality | beneficial sid ethat effects an uninvolved third party |
| public good | ecnomic good tha is consuimed collectively |
| negative externality | harmful side affects to an uninvolved third party |
| trust | illegal combination of corperations or companies oganized to hinder compittion |
| cease and desist order | ruling requiring a company to stop an unfair business practice that reduces or limits compitition |
| price discrimination | illegal practice of charging costumers diferent prices for the same product |
| public disclosure | requirment forcing a business to recveal information about its products or its opertaions to the public |
