Economics

3. obstacles that might discourage a from from entering a market
4. where a dominant business is able to set the price charged in the whole market
5. informal agreements between firms to restrict competition
7. since most monopolists are large, they are able to exploit ???
9. attempt by a firm to distinguish its product from that of rival
11. commercial exploitation of a new invention
16. company that starts to sell goods or services in a market where they have not sold them before
17. where the actions of one large firm will have a direct effect on those
19. rivalry that exists between firms when trying to sell goods to the same group of consumers
20. the products sold by each competitive market are close ??? for each other

1. where one firm in the industry reduces price causing others to do the same
2. A disadvantages to consumers because unprofitable firms eventually leave the market.
6. market dominated by a few firms
8. to remove or reduce the number of government controls on a particular business activity
10. situation that occurs when one firm in an industry can serve the entire market at a lower cost than would be possible if the industry were composed of many smaller firms
12. groups of customers that share similar characteristics
13. licence that grants permission to operate as a solo producer of a newly designed product
14. a word means when trading conditions become challenging, small firms may find it more difficult to survive than their larger rivals
15. where a group of firms or countries join together and agree on pricing or output levels in the market
18. situation where there is one dominant seller in a market