Economics Revision

2. where two or more companies, organisations etc join together to form a larger company etc.
10. where the actions of one large firm in an oligopolistic market will have a direct effect on others.
12. are legal license that gives rights to company to manufactured a good or service under their names, other companies must pay royalties to the original designer for their use
13. a situation where there is one dominant seller in a market.
14. where one firm in the industry reduces price causing others to do the same.
16. a communications company and is the only internet provider in Burkina Faso, a small country in West Africa.
17. the commercial exploitation of a new invention.
18. the only supplier of a unique product
20. the rivalry that exists between firms when trying to sell goods in a particular market.

1. where a dominant business is able to set the price charged in the whole market.
3. firms try to persuade consumers that their product is different from those of rivals
4. a 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.
5. a smaller market, usually within a large market or industry.
6. where a group of firms or countries join together and agree on pricing or output levels in the market.
7. the act of getting control of a company by buying over 50 per cent of its shares.
8. Which of the following is a barrier to entry? A Diseconomies of scale B High start-up costs C Low labour productivity D Inflation
9. the dominant firms in the industry set up agreements to restrict competition
11. A market that is dominated by a few very large producers
15. It is also argued that firms in competitive markets are more _______.
19. The main disadvantage to a firm operating in a competitive market is that the amount of ______ made will be limited