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Market Structure Vocabulary

Student: Emily Bischoff
a market structure characterized by a large number of buyer and sellers of an identical product.
firms in the market use methods other than price to attract customers.
a large number of buyers and sellers of products that are similar to one another can be differentiated by brand, quality.
obstacles that prevent other firms from entering the market for good.
money left over for a firm after covering out of pocket expenses.
a market structure characterized by only a few sellers of a product who dominate the market.
the right to sell a good or service in an exclusive market.
individual firms in the market for a product that have control over the price they change.
division of customers into groups based on how much they will pay for a good.
a market structure characterized by only one seller of a product dominating the market.
differences between the products sold by the sellers in the market for the goods.
the ability of a company to change prices and outputs in a market.
the expense a firm must pay before it can produce and sell goods.
money left over for a firm after covering both out of pocket expenses and opportunity costs.
many, few, or one seller(s) of this product.
a license that gives the inventor of a new product the exclusive right to sell for a period of time.
firms in the market able to make economic profits.