Chapter 20 Flashcards

1
Q

Price maker

A

Where a dominant business is able to set the price charged in the whole market

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2
Q

Monopoly

A

Situation where there is a dominant seller in a market

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3
Q

Patent

A

License that grants permission to operate as the sole producer of a newly designed product

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4
Q

What does EPICQ+E stand for?

A

-Efficiency
-Price
-Innovation
-Choice
-Quality
-Economies of Scale

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