Term
|
Definition
| A firm that is the only seller of a good or service that does not have a close substitute. |
|
|
Term
|
Definition
| A government-granted exclusive right to produce and sell a creation. |
|
|
Term
|
Definition
| A designation by the government that a firm is the only legal provider of a good or service. |
|
|
Term
|
Definition
| The situation where the usefulness of a product increases with the number of consumers who use it. |
|
|
Term
|
Definition
| A situation in which economies of scale are so large that one firm can supply the entire market at a lower average total cost than two or more firms. |
|
|
Term
|
Definition
| The ability of a firm to charge a price greater than marginal cost. |
|
|
Term
|
Definition
| Laws aimed at eliminating collusion and promoting competition among firms. |
|
|
Term
|
Definition
| Prohibited price fixing and collusion. |
|
|
Term
|
Definition
| Prohibited firms from buying stock in competitors and from having directors serve on the boards of competing firms. |
|
|
Term
| Federal Trade Commission Act (1914) |
|
Definition
| Established the FTC to enforce antitrust laws. |
|
|
Term
| Robinson-Patman Act (1936) |
|
Definition
| Prohibits charging buyers different prices if the result would reduce competition. |
|
|
Term
| Cellar-Kefauver Act (1950) |
|
Definition
| Toughened regulations on mergers by prohibiting any that would reduce competition. |
|
|
Term
|
Definition
| A merger between firms in the same industry. |
|
|
Term
|
Definition
| A merger between firms at different stages of production of a good. |
|
|
