Chapter 7: Market Structures Review

increasingly efficient use of personnel, plant, and equipment as a firm becomes larger

• economies of scale

• externalities

• foreclosure

• laissez-faire

• market failure

economic side effects that affect an uninvolved third party

• economies of scale

• externalities

• foreclosure

• laissez-faire

• market failure

process in which a lender reclaims the property due to a lack of payment by the borrower

• economies of scale

• externalities

• foreclosure

• laissez-faire

• market failure

philosophy that government should not interfere with business activity

• economies of scale

• externalities

• foreclosure

• laissez-faire

• market failure

condition that lacks any of the requirements for a competitive market—adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits

• economies of scale

• externalities

• foreclosure

• laissez-faire

• market failure

classification according to number and size of firm, type of product, and type of competition

• market structure

• monopoly

• oligopoly

• public good

• trust

market structure characterized by a single producer in a market

• market structure

• monopoly

• oligopoly

• public good

• trust

market structure in which only a few large sellers dominate and have the ability to affect prices in an industry

• market structure

• monopoly

• oligopoly

• public good

• trust

economic products that are paid for and consumed collectively, such as highways, national defense, police and fire protection

• market structure

• monopoly

• oligopoly

• public good

• trust

illegal combinations of corporations or companies organized to suppress competition

• market structure

• monopoly

• oligopoly

• public good

• trust