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Flashcards in Chapter 9 Deck (22)
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1
Q

Situation occurring when the majority of members of the boards of directors of competing corporation are the same.

A

Interlocking directorate

2
Q

Federal regulation and control over business of formerly heavily-regulated industries

A

Reregulation

3
Q

A market that has so many sellers that each one accounts for a small part of total sales.

A

Perfect competition

4
Q

Exist when any individual or group buys or sells a good or service in amounts large enough to affect price.

A

Imperfect competition

5
Q

Arrangement among group of business, usually international, to reduce competition by controlling price, production, and the distribution of

A

Cartel

6
Q

Gradual reduction of government regulation and control over business activity.

A

Deregulation

7
Q

Buy-out of a company by one in the same business

A

Horizontal merger

8
Q

Manufacturers’ use of minor differences in quality and features to try to distinguish among similar goods and services

A

Product differentiation

9
Q

Market in which a large number of sellers offer similar, but slightly different products.

A

Monopolistic competition.

10
Q

Market situations resulting when one firm forces it’s competitors out of business by producing at the lowest cost.

A

Natural monopoly

11
Q

Market situation in which there is one seller of a good or service.

A

Pure monopoly

12
Q

Merger in which business that is buying or selling to another business merges with that business.

A

Vertical merger

13
Q

An industry in which a few suppliers that exercise some control over price dominate.

A

Oligopoly

14
Q

Right granted by the government to exclusively manufacture an invention for a specified number of years.

A

Patent

15
Q

Laws passed by federal and state governments to prevent new monopolies form forming and to break up those that already exist.

A

Antitrust legislation

16
Q

Situation occurring when a corporation buys more than half the stock of another corporation

A

Merger

17
Q

Buying out of unrelated business.

A

Conglomerate merger

18
Q

Obstacles to competition that prevent others from entering a market

A

Barriers to entry

19
Q

Market situation resulting when a sellers develops a product or production process for which it obtains a patent.

A

Technological monopoly

20
Q

Market situations created by the government and protected by legal barriers to entry

A

Government monopolies

21
Q

Market situations occurring when an individual seller has control over a market because if location

A

Geographic monopoly

22
Q

Large corporation made up of smaller corporations dealing in unrelated industries.

A

Conglomerate