chapter 7 2nd set hut

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market share

a company's product sales as a percentage of total sales for that industry

patent

legal registration of invention; gives inventor sole rights

monopolistic competition

many sellers offer similar products

oligopoly

market structure with only a few sellers offering similar products

focused groups

moderated discussions with small groups of consumers

geographic monopoly

no other sellers within a region

economies of scale

occur when the average cost of production falls as the producer grows larger

technological monopoly

one firm owns invention, technology, method of productoin

start up cost

the expenses a firm must pay before it can begin to produce and sell goods


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