Economics Chapter 7 Market Structures

Nature and degree of competition among firms in the same industry.

Market structure with many well-informed and independent buyers and sellers who exchange identical products.

<p>Market structure that does not meet all conditions of perfect competition.</p> Signup and view all the answers

<p>Market structure that meets all conditions of perfect competition except identical products.</p> Signup and view all the answers

<p>Real or imagined differences between competing products in the same industry.</p> Signup and view all the answers

<p>Sales strategy focusing on a product's appearance, quality, or design rather than its price.</p> Signup and view all the answers

<p>Market structure in which a few large sellers dominate the industry.</p> Signup and view all the answers

<p>Agreement, usually illegal, among producers to fix prices, limit output, or divide markets.</p> Signup and view all the answers

<p>Agreement, usually illegal, by firms to charge the same price for a product.</p> Signup and view all the answers

<p>Market structure with a single seller of a particular product.</p> Signup and view all the answers

<p>Market structure where average costs of production are lowest when a single firm exists.</p> Signup and view all the answers

<p>Situation in which the average cost of production falls as a firm gets larger.</p> Signup and view all the answers

<p>Market structure in which one firm has a monopoly in a geographic area.</p> Signup and view all the answers

<p>Monopoly based on a firm's ownership or control of a production method, process or other scientific advance.</p> Signup and view all the answers

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

<p>Condition that causes a competitive market to fail.</p> Signup and view all the answers

<p>Goods or services whose benefits are available to everyone and are paid for collectively.</p> Signup and view all the answers

<p>Economic side effect that affects an uninvolved third party.</p> Signup and view all the answers

<p>Harmful side effect that affects an uninvolved third party.</p> Signup and view all the answers

<p>Beneficial side effect that affects an uninvolved third party.</p> Signup and view all the answers

<p>Illegal combination of corporations or companies organized to hinder competition.</p> Signup and view all the answers

<p>Practice of selling the same product at different prices to different buyers.</p> Signup and view all the answers

<p>Ruling requiring a company to stop an unfair business practice that reduces or limits competition.</p> Signup and view all the answers

<p>Requirement that a business reveal information about its products or its operation to the public.</p> Signup and view all the answers