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| an ideal market structure in which buyers and sellers each compete directly and fully under the laws of supply and demand |
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| one seller controls all production of a good or service |
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| sellers offer different, rather than identical, products |
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| used to set products apart |
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| competing on a basis other than price |
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| a market structure in which a few large sellers control most of the production of a good or service |
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| being very dependent on the pricing actions of their competitors |
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| most common form of interdependent pricing in which one of the largest sellers in the market takes the lead by setting a price for its product |
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| sellers aggressively undercut each other's prices in an attempt to gain market share |
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| when sellers secretly agree to set production levels or prices for their products |
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| companies openly organize a system of price setting and market sharing |
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| feature a single large seller that produces a good or service most efficiently |
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| the seller's large scale, or size, allows it to use its human, capital, and other resources more efficiently and economically |
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| a market whose geographic area is so limited that a single seller can control an item's manufacture, sale, distribution, or price |
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| a market that is dominated by a single producer because of new technology it has developed |
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| grants a company or an individual the exclusive right to produce, use, rent, and sell an invention or discovery for a limited time |
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| a government-granted right to exclusively duplicate, perform, display, publish, and sell copies of literary, musical, or artistic work for a specified period of time |
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| any market in which a government is the sole seller of a product |
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| a group of companies that combine to eliminate competition in an industry and thereby gain a monopoly |
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| economic philosophy that opposes government intervention in the market |
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| designed to monitor and regulate big business, prevent monopolies from forming, and dismantle existing monopolies |
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| the practice of offering different prices to different customers under the same circumstances |
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