QUIZ #1 NON-ABM5

A condition that exists in a local area or region where one company is the sole provider of a good or service in an isolated area.

any structure that allows buyers and sellers to exchange any type of goods, services and information.

occurs when one company controls manufacturing methods or has rights/patents to exclusively produce it.

Striving against others to reach an objective

a government agency is the sole provider of a particular good or service and competition is sometimes prohibited by law.

A perfectly competitive firm has no market power and has no ability to alter the market price of the goods it produces.

The ability to alter the market price of a good or service.

exists as a result of the high startup costs for infrastructure or materials.

Doesn’t really exist (theoretical)

Lots of buyers and sellers who are well informed, but products are slightly different.