______________________________ is a market structure with many fully informed buyers and sellers of an identical product and ease of entry. (2 words)
A naturally occurring product that is standardized across sellers and sold on the open market, typically as a resource, is a(n) ______________________________. (1 word)
A(n) ______________________________ is the sole supplier of a product with no close substitutes. (1 word)
______________________________, such as price-setting, is the ability of a firm to raise its price without losing all sales to rivals. (2 words)
A monopolized market has high ______________________________, such as patents, that make it difficult for new firms to come into the industry. (3 words)
______________________________ is a market structure with low entry barriers and many firms selling products differentiated enough that each firm’s demand curve slopes downward. (2 words)
The ______________________________ is the lowest rate of output at which a firm takes full advantage of economies of scale. (3 words)
______________________________ activity attempts to prohibit efforts to monopolize markets in which competition is desirable. (1 word)
______________________________ reduces or eliminates government regulations. (1 word)