Economics Chapter 7

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externality

unintended side effect that either benefits or harms a third party not involved in the activity that caused it

collusion

formal agreement to set specific prices or to otherwise behave in a cooperative manner

5 market failures

inadequate competition, inadequate information, resource immobility, public goods, and externalities

laissez-faire

"allow them to do", limited government's role to protecting property, enforcing contracts, settling disputes, and protecting firms agains foreign competition

patent

a government authority to an individual or organization conferring a right

price-fixing

agreeing to charge the same or similar prices for a product

technological monopoly

based on ownership or control of a manufacturing method

geographical monopoly

based on the absence of other sellers in a certain geographic area

positive externality

benefit someone receives who wasn't involved in the activity that generated the benefit

natural monopoly

market situation where the costs of production are minimized by having a single firm produce the product

perfect competition

market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products

oligopoly

market structure in which a few very large sellers dominate the industry

monopoly

market structure with only one seller of a particular product

Clayton Act

outlawed price discrimination

public goods

products that are collectively consumed by everyone

product differentiation

real or perceived differences between competing products in the same industry

cease and desist order

ruling requiring a company to stop an unfair business practice that reduces or limits competition

economies of scale

situation in which the average cost of production falls as the firm gets larger

Sherman Anti-trust Act

the 1st significant law against monopolies

copyright

the exclusive legal right to print, publish, perform, film or record

negative externality

the harm, cost, or inconvenience suffered by a third party because of actions by others

imperfect competition

the name give to any of three market structures that lacks one or more of the conditions required for perfect competition

price discrimination

the practice of selling the same product to different prices if it substantially lessens competition

public disclosure

the requirement that businesses reveal certain information to the public

trust

combination of firms designed to restrict competition or control prices in a particular industry

oligopoly

number of sellers: few, product: fair amount, entry into market: difficult, control over price: some

monopolistic competition

number of sellers: lots, product: fair amount, entry into market: easy, control over price: competitive

perfect competition

number of sellers: lots, product: identical, entry into market: easy, control over price: none

monopoly

number of sellers: one seller, product: none, entry into market: almost impossible, control over price: extensive


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