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| An ideal market structure in which buyers, or consumers, and sellers, or producers, each compete directly and fully under the laws of supply and demand. |
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| Market structure in which one seller controls all production of a good or service. |
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| Sellers offer different, rather than identical, products. |
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| Point out differences between products. |
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| How sellers set their products apart. |
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| Sellers differentiate their products through this. They compete on a basis other than price. |
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| A market structure in which a few large sellers control most of the production of a good or service. |
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| Being very responsive to - or dependent on- the pricing actions of their competitors. |
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| One of the largest sellers in the market takes the lead by setting a price for it's product. |
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| Sellers aggressively undercut each other's prices in an attempt to gain market share. |
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| When sellers secretly agree to set production levels or prices for their products. |
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| Companies openly organize a system of price setting and market sharing. They are illegal in the US. |
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| Feature a single large seller that produces a good or service most efficiently. |
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| the seller's large scale, or size, allows it to use its human, capital, or other resource more efficiently and economically than if those resources were divided among several smaller producers. |
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| A market whose geographic area is so limited that a single seller can control an item's manufacture, sale, distribution, or price. |
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| Develop when a producer develops new technology that enables the creation of a new product or that changes the way an existing product is made. |
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| Grants a company or an individual the exclusive right to produce, use, rent, or sell an invention or discovery for a limited time. |
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| Gives authors, musicians, and artists exclusive rights to publish, duplicate, perform, display, and sell their creative works. |
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| Any market in which a government is the sole seller of a product. |
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| A group of companies that combine to eliminate competition in an industry and thereby gain a monopoly. |
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| States that economic systems prosper when the government foes not interfere with the market in any way. |
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| These acts were designed to monitor and regulate big business, prevent monopolies from forming, and dismantle existing monopolies. |
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| The practice of offering different prices to different customers under the same circumstances. |
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