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Definition
| Products are the same or similar; easy substituted |
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| differentiated product; real or perceived differences exist |
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| Action taken by industry leader to raise the price; other large firms follow suit |
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Definition
| a firm that takes the market price determined by supply and demand |
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Definition
| a firm that has control over the price of the product is sells; no competition |
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Term
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Definition
| Bills and acts designed to monitor and regulate big business, prevent monopolies |
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Definition
| owned and controlled by one person |
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| Owned and controlled by two or more people |
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| Owned by the stockholders and treated by law as an individual |
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Term
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Definition
| Is a market structure that is unique and only has one of it's kind so it has no competition and it establishes its own prices |
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