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2. What is a product that is considered the same no matter who produces it?

3. commodity

4. What is any factor that makes it difficult for a new firm to become part of a market?

5. barrier to entry

6. What is a formal organization of producers that agree to coordinate prices and production?

7. cartel

8. What is agreement among firms to divide the market, set prices, or limit production?

9. collusion

10. What are factors that cause a producer’s average cost per unit to fall as output rises?

11. economies of scale

12. What is a government-issued right to operate a business?

13. license

14. What is the removal of some government controls over a market?

15. deregulation

16. What is a monopoly created by the government?

17. government monopoly

18. What is the ability of a company to change prices and output like a monopolist?

19. market power

20. What is a market structure in which many companies sell products that are similar but not identical?

21. monopolistic competition

22. What is combining two or more companies into a single firm?

23. merger

24. What is the right to sell a good or service within an exclusive market?

25. franchise

26. What are laws that encourage competition in the market place?

27. antitrust laws

28. What is a market that runs most efficiently when one large firm supplies all of the output?

29. natural monopoly

30. What is a market structure in which a large number of firms all produce the same product?

31. perfect competition

32. What is a market dominated by a single seller?

33. monopoly

34. What are the expenses a firm must pay before it can begin to produce and sell goods?

35. start-up costs

36. What is an illegal grouping of companies that discourages competition?

37. trust

38. What is a market structure in which a few large firms dominate a market?

39. oligopoly

40. What is the division of customers into groups based on how much they will pay for a good?

41. price discrimination

42. What is a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time?

43. patent

44. What is a way to attract customers through style, service, or location, but not a lower price?

45. nonprice competition

46. What is selling a product below cost to drive competitors out of the market?

47. predatory pricing

48. What is an agreement among firms to charge one price for the same good?

49. price fixing

50. What is a series of competitive price cuts that lowers the market price below the cost of production?

51. price war