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| An ideal market structure in which buyers and sellers each compete directly and fully under the laws of supply and demand |
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| 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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| Compete on a basis other than price |
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| 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 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 its 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 |
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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 size allows it to use its human, capital, and other resources more efficiently and economically than if those resources were divided among several small producers |
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| Only a single seller enters a specific market in a certain area. |
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| 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 individual the right to produce, use, rent, and sell an invention or discovery for a limited time |
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| The US government gives creators 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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| Economic systems prosper when the government does not interfere with the market in any way |
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| 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 circumstamces |
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