Chapter 7
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| 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
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| Standardized product | A product group in which competeing products are nearly the same
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| Monoploy | A market in which there is no competition. One company controls the market.
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| 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.
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| Natural monopoly | A monopoly that is allowed to exist because competition is not needed
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| Patent | Right of sole ownership of an invention of an item
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| Copyright | The sole right given to writers and artisits to sell or make copies of their works
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| Oligopoly | A type of market where there only are a few sellers. There is a nearly standardized product
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| Price War | A series of price cuts outprice below the competition
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| Collusion | A secret agreement between competing firms who cooperate with each other
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| Price fixing | An agreement to sell products for the same or similar prices
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| 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.
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| Differentiate | A way a company attracts buyers by providing services to those who have bought products
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| Warranty | A promise to fix something if it does not work
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| Brand Name | The name of a product used to identify the product quickly,often thru the use of a logo
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| Logo | A symbol that everyone knows which is used to identify a product
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| Trust | When a few giant companies control important industries
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| Reform | Change to make things work better
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| Majority | The quality or state of being greater
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| Price discrimination | The practice of selling different buyers the same product for different prices
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| Merger | When one business buys another
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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