Chapter 20 Flashcards
1
Q
Price maker
A
Where a dominant business is able to set the price charged in the whole market
2
Q
Monopoly
A
Situation where there is a dominant seller in a market
3
Q
Patent
A
License that grants permission to operate as the sole producer of a newly designed product
4
Q
What does EPICQ+E stand for?
A
-Efficiency
-Price
-Innovation
-Choice
-Quality
-Economies of Scale