a product that is the same no matter who produces it, such as petroleum, notebook paper, or

factors that cause a producer’s average cost per unit to fall as output rises

an agreement among firms to divide the market, set prices, or limit production

division of customers into groups based on how much they will pay for a good

a market structure that does not meet the conditions of perfect competition

the right to sell a good or service within an exclusive market

a series of competitive price cuts that lowers the market price below the cost of production

a way to attract customers through style, service, or location, but not a lower price

a market structure in which a large number of firms all produce the same product

a government-issued right to operate a business

an agreement among firms to charge one price for the same good

selling a product below cost to drive competitors out of the market

the combination of two or more companies into a single firm

a monopoly created by the government

the ability of a company to change prices and output like a monopolist

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

like a cartel, an illegal grouping of companies that discourages competition

the expenses a firm must pay before it can begin to produce and sell

laws that encourage competition in the marketplace

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

a market that runs most efficiently when one large firm supplies all of the output

a market dominated by a single seller

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

making a product different from other similar products

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

the removal of some government controls over a market

The _____________ outlawed price discrimination.

The market type known as _________________ is highly competitive and firms find it impossible to earn an economic profit in the long run.

The ______________ market type has the fewest number of firms.

A(n) ___________________ has only a few competing firms.

The ___________________ was a law that first declared monopoly and restraint of trade illegal.

A ______________________ is a barrier to entry that is an exclusive right granted to the author or composter of a literary, musical, dramatic, or artistic work.

In _________________, the products of different sellers are assumed to be similar but slightly different.

Ownership of a necessary input creates a __________________________ to entry.

____________________ is government legislation aimed at maintaining competition.

A radio station in your hometown would be an example of a ________________ monopoly.

A _______________________ is anything that protects a firm from the arrival of new competitors.

Farming would be an example of a perfectly ___________________ market.

_________________ is a market type that has a large number of firms that sell similar but slightly different products.

The profit-maximizing level of __________________ is an example of a perfectly competitive firm’s short-run decision

Technology enabling a single firm to produce at a lower average cost than two or more firms would create a _________________ monopoly.

_______________ is an industry with a large number of firms, differentiated products, and free entry and exit.

In perfect competition, a firm maximizes profit in the _____________ run by deciding how much output to produce.

The inability of any seller to change the price of the product implies that there is a large number of sellers all selling a(n) __________________________.

An example of a perfectly competitive firm’s long-run decision is whether or not to ______________ an industry.

Natural gas would be an example of a ____________________ monopoly.

Firms face competition when the good they produce has a close ___________________.

A price-taking firm cannot influence the __________________ of the product it sells.

Perfectly competitive firms are ______________________ because many other firms produce identical products.