Market Structures and Competition Flashcards
1
Q
compete
A
to work toward a goal while attempting to defeat rivals
2
Q
monopolistic competition
A
a market structure in which many sellers produce the same item but each producer sets its own price and quality without impacting the whole market
3
Q
monopoly
A
a market that has a single supplier of a good or service
4
Q
oligopoly
A
a market situation that exists when there are few businesses in a marketplace
5
Q
pure competition
A
a market place with many sellers of products, free flow of information, and free entry to and exit from the marketplace
6
Q
sovereignty
A
controlling influence on a market
