1. Ch. 7

2. The factors that make it difficult to enter a market will determine the type of market structure Start-Up Costs- Technology-

3. Four Conditions 1. Many Buyers and Sellers 2. Identical Products 3. Informed Buyers and Sellers 4. Free Market Entry and Exit

4. A monopoly is a market dominated by a single seller. Monopolies form when barriers prevent firms from entering a market that has a single supplier. Monopolies can take advantage of their monopoly power and charge high prices.

5. 1. Economies of Scale 2. Natural Monopolies 3. Technology and Change

6. Technological Monopolies Franchises and Licenses Industrial Organizations