chapter 7 vocab

4. up cost amounts the business paid or incurred for creating an active trade or business, or investigating the creation or acquisition of an active trade or business
6. trust laws The Sherman Act, enacted by Congress in 1890, remains the basis for most of our nation's antitrust laws
8. a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using,
9. several fast food chains like Dominos and McDonalds operate in India through franchising
11. competition What Is Monopolistic Competition? Monopolistic competition exists when many companies offer competing products or services that are similar, but not perfect, substitutes
13. the business paid or incurred for creating an active trade or business, or investigating the creation or acquisition of an active trade or business
14. the removal of regulations or restrictions, especially in a particular industry.
15. when two companies combine to form a new company. Companies merge to reduce competition, increase market share,

1. the pricing of goods or services at such a low level that other suppliers cannot compete and are forced to leave the market.
2. the action of selling the same product at different prices to different buyers, in order to maximize sales and profits.
3. of scale business, or investigating the creation or acquisition of an active trade or businessdefinition
5. an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition
7. A natural monopoly is a type of monopoly that arises due to unique circumstances where high start-up costs and significant economies of scale lead to only one firm being
10. a raw material or primary agricultural product that can be bought and sold, such as copper or coffee
12. to entry high start-up costs, regulatory hurdles, or other obstacles that prevent new competitors from easily entering a business sector