Microeconomics Chapter 24 Study Terms - Custom Scholars
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Microeconomics Chapter 24 Study Terms

question
Licensing
answer
A requirement that one obtain permission from the government in order to perform certain business activities or work in various occupations
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Monopoly
answer
A market structure characterized by (1) a single seller of a well-defined product for which there are no good substitutes and (20 high barriers to the entry of any other firms into the market for that product
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Oligopoly
answer
A market situation in which a small number of sellers constitutes the entire industry. it is competition among the few
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Collusion
answer
Agreement among firms to avoid various competitive practices, particularly price reductions. It may involve either formal agreements or merely tacit recognition that competitive practices will be self-defeating in the long run. Tacit collusion is difficult to detect. In the United States, antitrust laws prohibit collusion and conspiracies to restrain trade
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Cartel
answer
An organization of sellers designed to coordinate supply decisions so that the join profits of the members will be maximized. A cartel will seek to create a monopoly in the market
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Market Power
answer
The ability of a firm that is not a pure monopolist to earn persistently large profits. indicating that it has some monopoly power. Because the firm has few (or weak) competitors, it has a degree of freedom from vigorous competition
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Game Theory
answer
A tool used to analyze the strategic choices made by competitors in a conflict situation like the decisions made by firms in an oligopoly
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Natural Monopoly
answer
A market situation in which the average costs of production continually decline with increased output. In a natural monopoly, the average costs of production will be lowest when a single, large firm produces the entire output demanded by the marketplace
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question
Licensing
answer
A requirement that one obtain permission from the government in order to perform certain business activities or work in various occupations
question
Monopoly
answer
A market structure characterized by (1) a single seller of a well-defined product for which there are no good substitutes and (20 high barriers to the entry of any other firms into the market for that product
question
Oligopoly
answer
A market situation in which a small number of sellers constitutes the entire industry. it is competition among the few
question
Collusion
answer
Agreement among firms to avoid various competitive practices, particularly price reductions. It may involve either formal agreements or merely tacit recognition that competitive practices will be self-defeating in the long run. Tacit collusion is difficult to detect. In the United States, antitrust laws prohibit collusion and conspiracies to restrain trade
question
Cartel
answer
An organization of sellers designed to coordinate supply decisions so that the join profits of the members will be maximized. A cartel will seek to create a monopoly in the market
question
Market Power
answer
The ability of a firm that is not a pure monopolist to earn persistently large profits. indicating that it has some monopoly power. Because the firm has few (or weak) competitors, it has a degree of freedom from vigorous competition
question
Game Theory
answer
A tool used to analyze the strategic choices made by competitors in a conflict situation like the decisions made by firms in an oligopoly
question
Natural Monopoly
answer
A market situation in which the average costs of production continually decline with increased output. In a natural monopoly, the average costs of production will be lowest when a single, large firm produces the entire output demanded by the marketplace
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