econ vocab quiz 3 test 2

a market structure in which many companies sell products that are similar but not identical

• oligopoly

• monopolistic competition

• cartel

• monopoly

a market structure in which a few large firms dominate a market

• oligopoly

• monopoly

• monopolistic competition

• market power

a formal organization of producers that agree to coordinate prices and production

• cartel

• oligopoly

• market power

• monopoly

any factor that makes it difficult for a new firm to enter a market

• cartel

• barriers to entry

• patent

• commodity

features of a market: numbers of buyers/sellers

• market structure

• patent

• barriers to entry

• cartel

a market structure in which a large number of firms all produce the same product and no single seller controls supply

• pure(perfect) competition

• monopoly

• cartel

• oligopoly

a product, such as petroleum or milk, that is considered the same no matter who produces or sells it

• commodity

• cartel

• patent

• pure(perfect) competiton

a market in which a single seller dominates

• monopoly

• monopolistic competition

• pure(perfect) competition

• cartel

the ability of a company to control prices and total market output

• market power

• market structure

• monopoly

• patent

a government license that gives the inventor of a new product the exclusive right to produce and sell it

• patent

• oligopoly

• market power

• market structure