Market Structures

2. a monopolist’s demand curve is also its ..... curve
5. the name of a firm that has already been established in a market
6. a market structure where the firms cooperate with each other in determining price or output or both
11. a characteristic of a market on how easy or difficult it is for new firms to enter the market
13. a market structure where there are many buyers and sellers, where there is freedom of entry and exit to the market
14. a market structure where there is a small number of firms in the industry and where each firm is interdependent with one another
15. legal protection given to firms to prevent other firms from copying its products or production methods
16. in a perfectly competitive market there is ..... knowledge
18. in a perfectly competitive market, all firms produce a ..... product

1. a factor that may prevent new firms from entering a market
3. an industry where there are only two firms
4. costs costs of production which are not recovered if a firm leaves the industry
7. invention and innovation of new products/production methods
8. charging a different price for the same good or service in different markets
9. the idea that innovation and invention can lead to the destruction of existing markets and the creation of new ones
10. a form of agreement between firms to limit competition in the market
12. a firm which has no control over the market price and has to accept the market price if it wants to sell its product
17. a firm which controls all the output in a market