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Pure Competition
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Econ
Chapter 7
| Term | Definition |
|---|---|
| Pure Competition | Competition in which there are many buyers and sellers there is a standardized product that buyers and sellers are well informed . There is easy entry into and out of the market and there is no control over prices |
| Standardized product | A product group in which competeing products are nearly the same |
| Monoploy | A market in which there is no competition. One company controls the market. |
| Pure monopoly | A monopoly in which there is only one seller and no substitutes for a product or service.Getting into and out of the market is difficult and there is almost complete control over prices. |
| Natural monopoly | A monopoly that is allowed to exist because competition is not needed |
| Patent | Right of sole ownership of an invention of an item |
| Copyright | The sole right given to writers and artisits to sell or make copies of their works |
| Oligopoly | A type of market where there only are a few sellers. There is a nearly standardized product |
| Price War | A series of price cuts outprice below the competition |
| Collusion | A secret agreement between competing firms who cooperate with each other |
| Price fixing | An agreement to sell products for the same or similar prices |
| monopolistic competition | A type of market where there are many buyers and sellers. There is some product variation and entry into the market is easy. |
| Differentiate | A way a company attracts buyers by providing services to those who have bought products |
| Warranty | A promise to fix something if it does not work |
| Brand Name | The name of a product used to identify the product quickly,often thru the use of a logo |
| Logo | A symbol that everyone knows which is used to identify a product |
| Trust | When a few giant companies control important industries |
| Reform | Change to make things work better |
| Majority | The quality or state of being greater |
| Price discrimination | The practice of selling different buyers the same product for different prices |
| Merger | When one business buys another |
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mtrampf
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