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Economics: Topic 4 - Market Structures Vocabulary

The expenses a new business must pay before it can begin to produce and sell goods
Any factor that makes it difficult for a new firm to enter a market
A product,such as petroleum or milk, that is considered the same no matter who produces or sells it
A government-issued right to operate a business
A market structure in which many companies sell products that are similar but not identical
A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices; also called perfect competition
A way to attract customers through style, service, or location, rather than a lower price
A market structure in which a few large firms dominate a market
An illegal agreement among firms to divide the market, set prices, or limit production
The division of consumers into groups based on how much they will pay for a good
The removal of government controls over a market
A market that gives the inventor of a new product the exclusive right to sell it for a specific period of time
When two or more companies join to form a single firm
Selling a product below cost for a short period of time to drive competitors out of the market
An agreement among firms to charge one price for the same good
Laws that encourage competition in the marketplace
A market in which a single seller dominates