Situation occurring when the majority of members of the boards of directors of competing corporation are the same.
Interlocking directorate
Federal regulation and control over business of formerly heavily-regulated industries
Reregulation
A market that has so many sellers that each one accounts for a small part of total sales.
Perfect competition
Exist when any individual or group buys or sells a good or service in amounts large enough to affect price.
Imperfect competition
Arrangement among group of business, usually international, to reduce competition by controlling price, production, and the distribution of
Cartel
Gradual reduction of government regulation and control over business activity.
Deregulation
Buy-out of a company by one in the same business
Horizontal merger
Manufacturers’ use of minor differences in quality and features to try to distinguish among similar goods and services
Product differentiation
Market in which a large number of sellers offer similar, but slightly different products.
Monopolistic competition.
Market situations resulting when one firm forces it’s competitors out of business by producing at the lowest cost.
Natural monopoly
Market situation in which there is one seller of a good or service.
Pure monopoly
Merger in which business that is buying or selling to another business merges with that business.
Vertical merger
An industry in which a few suppliers that exercise some control over price dominate.
Oligopoly
Right granted by the government to exclusively manufacture an invention for a specified number of years.
Patent
Laws passed by federal and state governments to prevent new monopolies form forming and to break up those that already exist.
Antitrust legislation
Situation occurring when a corporation buys more than half the stock of another corporation
Merger
Buying out of unrelated business.
Conglomerate merger
Obstacles to competition that prevent others from entering a market
Barriers to entry
Market situation resulting when a sellers develops a product or production process for which it obtains a patent.
Technological monopoly
Market situations created by the government and protected by legal barriers to entry
Government monopolies
Market situations occurring when an individual seller has control over a market because if location
Geographic monopoly
Large corporation made up of smaller corporations dealing in unrelated industries.
Conglomerate