Economics Chapter 7 Flashcards

A product that is the same no matter who produces or sells it.

Any factor that makes it difficult for a new firm to enter a market.

<p>False</p> Signup and view all the answers

<p>The expenses a new business must pay before it can begin to produce and sell goods.</p> Signup and view all the answers

<p>A market in which a single seller dominates.</p> Signup and view all the answers

<p>Factors that cause a producer's average cost per unit to fall as output rises.</p> Signup and view all the answers

<p>A market that runs most efficiently when one large firm supplies all of the output.</p> Signup and view all the answers

<p>A monopoly created by the government.</p> Signup and view all the answers

<p>License that gives the inventor of a new product the exclusive right to sell it for a certain period of time.</p> Signup and view all the answers

<p>A contract that gives a single firm the right to sell its goods within an exclusive market.</p> Signup and view all the answers

<p>Division of consumers into groups based on how much they will pay for a good.</p> Signup and view all the answers

<p>The ability of a company to control prices and total market output.</p> Signup and view all the answers

<p>A market structure in which many companies sell products that are similar but not identical.</p> Signup and view all the answers

<p>Making a product different from other, similar products.</p> Signup and view all the answers

<p>A way to attract customers through style, service, or location, but not a lower price.</p> Signup and view all the answers

<p>A market structure in which a few large firms dominate a market.</p> Signup and view all the answers

<p>A series of competitive price cuts that lowers the market price below the cost of production.</p> Signup and view all the answers

<p>An illegal agreement among firms to divide the market, set prices, or limit production.</p> Signup and view all the answers

<p>An agreement among firms to charge one price for the same good.</p> Signup and view all the answers

<p>A formal organization of producers that agree to coordinate prices and production.</p> Signup and view all the answers

<p>Selling a product below cost for a short period of time to drive competitors out of the market.</p> Signup and view all the answers

<p>Laws that encourage competition in the marketplace.</p> Signup and view all the answers

<p>An illegal grouping of companies that discourages competition, similar to a cartel.</p> Signup and view all the answers

<p>When two or more companies join to form a single firm.</p> Signup and view all the answers

<p>The removal of some government controls over a market.</p> Signup and view all the answers