Monopoly

5. Variables the prevent firms from entering an industry
6. Firm's ability to set their own prices above marginal cost
7. A firm's ability to establish its rival's products
8. The category of government regulations concerned with the workings of the economy
11. A new idea for combining the factors of production to make a good or service
12. One firm can provide a good or service at a lower cost than two or more firms; the firm has decreasing average total costs over the whole range of production
15. An exclusive right granted by the government to copy, publish, and sell items such as books, art, music, and film.
16. A competitive situation in which firms in a market have some ability to set price.
17. Producing below the level where average cost is at a minimum; the firm has the ability to increase production while decreasing the average total cost of production
18. When rivals compete with each other through means other than price, such as quality, product differentiation, service, or advertising

1. loss When firm operates with inefficiency, the gains from trade are not maximized; the excess value above marginal cost that consumers place on the production of the units that are not produced by a price searcher, but that consumers value more than the marginal cost of production. (Also called welfare loss)
2. A market in which the threat of entry by a rival firm keeps a monopolist from earning monopoly profits
3. Regulatory method for monopolies that sets price equal to average total cost
4. A market structure characterized by many producers of a product that can be slightly differentiated, allowing a small amount of price-setting ability
9. Legislation and other government activities designed to restrict the anticompetitive practices of firms with market power
10. Regulatory method for monopolies that sets price equal to average total cost
13. The market structure in which there is one seller of a good that has no close substitutes
14. Reselling a good or service to make a profit; the reseller is able to do this because firm sells the same product to different people at different prices