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Chapter 7

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
Pure Competition   show
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show A product group in which competeing products are nearly the same  
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show A market in which there is no competition. One company controls the market.  
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Pure monopoly   show
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Natural monopoly   show
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show Right of sole ownership of an invention of an item  
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Copyright   show
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show A type of market where there only are a few sellers. There is a nearly standardized product  
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Price War   show
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show A secret agreement between competing firms who cooperate with each other  
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show An agreement to sell products for the same or similar prices  
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monopolistic competition   show
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Differentiate   show
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show A promise to fix something if it does not work  
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show The name of a product used to identify the product quickly,often thru the use of a logo  
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show A symbol that everyone knows which is used to identify a product  
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Trust   show
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show Change to make things work better  
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Majority   show
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Price discrimination   show
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Merger   show
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