Textbook chapter 7
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| 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
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| pure competition | a theoretical market structure that requires three conditions: very large numbers of buyers and sellers, identical products, and freedom of entry and exit
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| industry | group of firms producing similar or identical products
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| 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
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| monopolistic competition | market structure having all conditions of pure competition except for identical products; a form of imperfect competition
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| product differentiation | real or imagined differences between competing products in the same industry
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| nonprice competition | competition based on a product’s appearance, quality, or design, rather than its price
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| oligopoly | market structure in which a few large sellers dominate and have the ability to affect prices in the industry; form of imperfect competition
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| collusion | illegal agreement among producers to fix prices, limit output, or divide markets
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| price fixing | illegal agreement by firms to charge a uniform price for a product
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| monopoly | market structure characterized by a single producer; form of imperfect competition
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| laissez-faire | philosophy that government should not interfere with business activity
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| natural monopoly | market structure in which average costs of production are lowest when all output is produced by a single firm
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| geographic monopoly | market structure in which a firm has a monopoly because of its location or the small size of the market
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| technological monopoly | market structure in which a firm has a monopoly because it owns or controls a manufacturing method, process, or other scientific advantage
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| government monopoly | monopoly created and/or owned by the government
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| market failure | condition where any of the requirements for a competitive market leads to an inefficient allocation of resources characterized by too much or too little being produced
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| public good | economic products that are paid for and consumed collectively; such as highways, national defense, police and fire protection
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| spillover effect | uncompensated side effects that either benefit or harm a third party not involved in the activity that caused it
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| externalities | uncompensated side effects that affect an uninvolved third party
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| cost-benefit analysis | calculation that compares the cost of an action to its benefits
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| trusts | illegal combination of corporations or companies organized to suppress competition
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| price discrimination | practice of charging different customers different prices for the same product
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| cease and desist orde | r ruling requiring a company to stop an unfair business practice that reduces or limits competition
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| public disclosure | requirement forcing a business to reveal information about its products or its operations to the public
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| mortgage | legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
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| foreclosure | process in which a lender reclaims the property due to a lack of payment by the borrower
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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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