Market Vocab

3. A market structure characterized by only a few sellers of a product who dominate the market. (Example: breakfast cereals and natural gas)
10. Is there any difference between the products sold by the sellers in the market for the good?
14. A market structure characterized by a large number of buyer and sellers of an identical product. (Example: commodities like crude oil)
15. A market structure characterized by only one seller of a product dominating the market. (Example: electrical power companies and cable television companies)
16. The expense a firm must pay before it can produce and sell goods
17. Money left over for a firm after covering both out of pocket expenses (explicit costs) and opportunity costs (implicit costs).

1. a large number of buyers and sellers of products that are similar to one another be can be differentiated by brand, quality, etc. (Example: restaurants and retail clothing sellers)
2. Are firms in the market able to make economic profits (long-run) as well as accounting profits (short-run)?
4. Can the firms in the market use methods other than price to attract customers?
5. Division of customers into groups based on how much they will pay for a good
6. The right to sell a good or service in an exclusive market
7. The ability of a company to change prices and outputs in a market
8. Money left over for a firm after covering out of pocket expenses (explicit costs).
9. An agreement among firms to charge one price for the same good
11. Are there many, few, or one seller(s) of the product?
12. Are there any obstacles that prevent other firms from entering the market for the good?
13. A license that gives the inventor of a new product the exclusive right to sell for a period of time
14. Can the individual firms in the market for a product have any control over the price they charge?