ECON_Chapter 7: Market Structures
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52 questions
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- Q1perfect competitiona market structure in which a large number of firms all produce the same product and no single seller controls supply or prices30s
- Q2commoditya product that is considered the same no matter who produces or sells it30s
- Q3barrier to entryany factor that makes it difficult for a new firm to enter a market30s
- Q4imperfect competitiona market structure that fails to meet the conditions of perfect competition30s
- Q5start-up coststhe expenses a new business must pay before it can begin to produce and sell goods30s
- Q6monopolya market in which a single seller dominates30s
- Q7economies of scalefactors that cause a producer's average cost per unit to fall as output rises30s
- Q8natural monopolya market that runs most efficiently when one large firm supplies all of the output30s
- Q9government monopolya monopoly created by the government30s
- Q10patenta license that gives the inventor of a new product the exclusive right to sell it for a specific period of time30s
- Q11franchisea contract that gives a single firm the right to sell its goods within an exclusive market30s
- Q12licensea government-issued right to operate a business30s
- Q13price discriminationthe division of consumers into groups based on how much they will pay for a good30s
- Q14market powerthe ability of a company to control prices and total market output30s
- Q15predatory pricingselling a product below cost for a short period of time to drive competitors out of the market30s