Market Structures

6. a monopoly created by the government
8. large number of firms all produce the same product and no single seller controls supply or prices
10. any factor that makes it difficult for a new firm to enter a market
11. a market structure in which a few large firms dominate
12. a government-issued right to operate a business
13. factors that cause producer's average cost per unit to fall as output rises
14. a market in which a single seller dominates

1. a contract that gives a single firm the right to sell its goods within an exclusive market
2. a market that runs most efficiently when one large firm supplies all of the output
3. the ability of a company to control prices and total market output
4. a market structure that fails to meet the conditions of perfect competition
5. a product that is considered the same no matter who produces or sells it
7. a formal organization of producers that agree to coordinate prices and production
9. the expenses a new business must pay before it can begin to produce and sell goods