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