Chapter 10
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| Relevant Market | The set of goods whose cross elasticities with others in the set are relatively high and whose cross elasticities with goods outside the set are relatively low.
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| Market Structure | A set of market characteristics such as number of firms, ease of firm entry, and substitutability of goods.
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| Mutual Interdependence | Any price change made by one firm in the oligopoly affects the pricing behavior of all other firms in the oligopoly.
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| Monopoly | A market structure consisting of one firm producing a good that has no close substitutes. Firm entry is impossible.
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| Industry | A collection of firms producing the same good.
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| Natural Monopoly | The result of a combination of market demand and firm's costs such that only one firm is able to produce profitably in a market.
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| Patent | A monopoly right on the use of a specific new technology or on the production of a new good. The monopoly right is awarded to and safeguarded by the government to the firm who introduces the new technology or good.
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| Monopolistic Competition | A market structure consisting of many firms producing goods that are close substitutes. Firm entry is possible but is less open and easy than in perfect competition.
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| Oligopoly | A market structure consisting of only a few firms producing goods that are close substitutes.
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| Brand Loyalty | The willingness of consumers to continue buying a good at a price higher than the price of its close substitutes.
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| Market Share | The percentage of total market sales produced by a particular firm in a market.
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| Perfect Competition | A market structure consisting of a large number of firms producing goods that are perfect substitutes. Firm entry is open and easy.
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| Product Differentiation | The physical or perceived differences among goods in a market that make them close, but not perfect, substitutes for each other.
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