Factors that make it difficult for new companies to enter a market.

The total amount of goods and services in the economy available at all possible price levels.

The ability to control prices and total market output.

A market structure where only one company is selling the product, and this company faces no competition.

Characteristics that cause the producer’s average cost to drop as production rises.

Gross domestic product (GDP) measured in current prices.

An agreement among members of an oligopoly to set prices and production levels.

A market structure where many companies compete in an open market to sell products that are similar but not identical.

The amount of goods and services in the economy that will be purchased at all possible price levels.

When a company joins with another company or companies to join a single firm.

Gross domestic product (GDP) measured to adjust for inflation.

The expenses a new business must pay before the first product reaches the customer.

A market structure dominated by a few large, profitable companies selling identical or similar products.

The total value of goods produced and services provided in a country during one year.