A market dominated by a single seller.

A Market Structure in which a large number of firms all produce the same products.

An agreement by a formal organization of producers to coordinate prices and production.

A product that is considered the same regardless of who makes or sells it.

A market that runs most efficiently when one large firm provides all of the output.

A state of limited competition, in which a market is shared by a small number of producers or sellers

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

1. Many buyers and sellers participate in the market.
2. Sellers offer identical products.
3.Buyers and sellers are well informed about products.
4. Sellers are able to enter and exit the market freely

A patent gives a company exclusive rights to sell a new good or service for a specific amount of time.

The existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business.

A combination of two or more companies into a single firm.

A franchise is a contract issued by local authority that gives a single firm the right to sell its goods within an exclusive market.

Competition that is used among sellers whose products are similar but not identical and that takes the form of product differentiation and advertising with less emphasis upon price.

An expectation that encourages people to behave in a certain way.

The monopoly divides the consumers into two or more groups and charges a different price.

The result of an unlawful agreement between manufacturers or dealers to set and maintain specified prices on typically competing products.

The removal of some government controls over a market.