Micro Unit 4.5 CW: Imperfect Competition (Vocab Matching)

factors that cause a producer's average cost per unit to fall as output rises

an illegal grouping of companies that discourages competition

the right to sell a good or service within an exclusive market

a market structure in which a few large firms dominate a market

any factor that makes it difficult for a new firm to become part of a market

a series of competitive price cuts that lowers the market price below the cost of production

making a product unlike other products

a market structure in which a large number of firms all produce the same product

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

combination of two or more companies into a single firm

a government-issued right to operate a business

the removal of some government controls over a market

a product that is considered the same no matter who produces it

division of customers into groups based on how much they will pay for a good

a market dominated by a single seller

a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time