Economics Standard 21 Vocabulary

2. Competition Competing with other businesses based on product quality, service, or marketing rather than price (common in monopolistic competition).
4. A market structure with many sellers offering similar but not identical products, where each firm has some control over price.
6. A firm that must accept the market price for its product because it cannot influence the price; common in perfect competition.
8. A theoretical market structure with many buyers and sellers, identical products, no barriers to entry, and no control over price by individual firms.
10. Obstacles that make it difficult for new firms to enter a market, such as high startup costs or strict regulations.

1. A market structure in which a single seller controls the entire market supply of a good or service, with no close substitutes.
3. A strategy where firms make their products seem different from competitors’ through branding, quality, or features.
5. A market dominated by a small number of large firms, where each business has significant market power and can affect prices.
7. A firm that can influence the price of its product, typically found in monopoly and oligopoly markets.
9. The ability of a firm to influence or control the price and output of a product in a market.