Unit 6 Flashcards
A large corporation made up of smaller corporations dealing in unrelated businesses.
Conglomerate
Reduction of government regulation and control over business activity.
Deregulation
Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price.
Monopolistic completion
Government protection that gives an inventor the exclusive rights to make, use, or sell and invention for a specific number of years.
Patent
Manufacturers use the minor differences in quality and features to try to differentiate between similar goods and services.
Non-price competition
Market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price.
Perfect competition
Exclusive rights to sell, published, or reproduce creative works for a special number of years.
Copyright
Laws passed by federal and state governments to prevent new monopolies from forming and break up those that already exist.
Antitrust legislation
Flow production cost resulting from large size of output
Economy to scale
Combines company that results when one corporation buys more than half the stock of another and thus controls the second Corporation
Corporate merger
Market situation in which a single supplier makes up an entire industry
Monopoly
Which market system has the most competitive market
Pure/perfect competition
Arrangement among a group of industrial businesses, often in different countries, to reduce international competition by controlling the price, production, and distribution of goods.
Cartel
Non-price competition is a characteristic of what type of market system(2)?
mogoloiste competition
Oligopoly
Industry dominated by a few suppliers who exercise some control over price. Characterized by independence and price leadership. Stable price no price wars is an advantage.
Oligopoly
