Topic 4 Vocab

A market dominated by a single seller

• Patent

• Commodity

• Monopoly

• Merger

Expenses an owner has to pay before starting a new business

• Start-up costs

• Collusion

• License

• Price discrimination

Gives companies exclusive rights to sell new goods or services for a limited time

• Price fixing

• Natural monopoly

• Commodity

• Patent

Market dominated by a few large firms

• Oligopoly

• Deregulation

• Patent

• Pure competition

When two or more companies join to form a single firm

• Deregulation

• Pure competition

• Merger

• Collusion

When different markets sell the same product and sells it for the same price

• Start-up costs

• Price discrimination

• Barriers to entry

• Pure competition

Government issued rights to operate a business

• License

• Monopoly

• Oligopoly

• Deregulation

Factors that made it hard for new firms to enter a market

• Deregulation

• Antitrust Laws

• Collusion

• Barriers to entry

Prevents companies from reducing competition

• Commodity

• Antitrust Laws

• Price fixing

• Monopolistic competition

Reducing government control over a market

• Oligopoly

• Predatory Pricing

• Merger

• Deregulation