Ch 6 Flashcards
A group of friends that produces similar products or provides similar services
Industries
A market in which there are many sellers and buyers. All firms produce a standardized product firms have free access to the market and relevant market information is available to all sellers and buyers.
Perfect competition
A firm that has no real control over the price it receives for its products
Price taker
A market in which there is only one supplier of a good no other firms produce a close substitute for that good and entry into the market is blocked
Monopoly
A market in which there is a large number of firms, the provide differentiated products, and have easy access to the market
Monopolistic competition
A market in which there are only a few firms products are differentiated or virtually, the same and potential competitors are discouraged from entering the market by significant entry barriers
Oligopoly
A collusion of businesses, which join together to restrict or eliminate competition
Trust
The practice of selling the same type of goods, a different prices to different buyers
Price discrimination
