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Market Structure
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Pure Competition
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Econ. CH. 7.1

Competition and Market Structure (182-189)

TermDefinition
Market Structure Market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry.
Pure Competition A theoretical market structure that requires three major conditions: very large numbers of buyers and sellers identical products, and freedom of entry and exit.
Industry Group of firms producing similar or identical products
Perfect Competition Theoretical market structure characterized by a large number of well informed independent buyers and sellers who exchange identical products and have freedom of entry and exit.
Monopolistic Competition Market structure having all conditions of pure competition expect for identical products; a form of imperfect competition
Product Differentiation Real or imagined difference between competing products in the same industry
Non-price competition Competition based on a product's appearance, quality, or design, rather than its price
Oliogopoly Market structure in which a few large sellers dominate the market and have the ability t affect prices in the industry; form of imperfect competition
Collusion Illegal agreement among producers to fix prices, limit output, divide markets, or otherwise agree to reduce competition
Price-fixing Illegal agreement by firms to charge a uniform price for a product
Monopoly Market structure characterized by a single producer; form of imperfect condition
Laissez-faire Philosophy that government should not interfere with business activity
Natural Monopoly Market structure in which average costs of producing are lowest when all output is produced by a single firm
Geographic Monopoly Market structure in which a firm has a monopoly because of its location or the small size of the market
Technological Monopoly Market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
Government Monopoly Monopoly created and/or owned by the government
Created by: snufkin
 

 



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