Monopoly

3. Illegal activities by firms that aim to erect barriers to entry
7. Costs that cannot be recovered if a business decides to leave an industry
9. The existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business
10. A situation in which the market is dominated by one seller or producer
11. _____ degree price discrimination is where a firm is able to separate its customers into different markets and charge them differently for the same product or service

1. Gives the firm the legal protection to produce a protected product for a number of years
2. _____ degree price discrimination is where the firm is able to charge the max price the customer is willing to pay for a product or service
4. A proportionate saving in costs gained by an increased level of production
5. _____ _____ is a pricing strategy where a product or service at a very low price, intending to drive competitors out of the market
6. _____degree price discrimination occurs when a firm tries to sell off any excess capacity it has remaining at a lower price than the norm
8. When 3 or 4 companies agree to keep the price at a high level in order to each make a healthy profit