Supply & Demand Vocab

3. point of balance between price and quantity
6. any factor that makes it difficult for a new firm to enter a market
7. a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
8. a market structure in which a large number of firms all produce the same products
9. a market structure in which a few large firms dominate a market
12. the title of the phenomenon where the supplies created is not equivalent of that demanded
14. a product that is consistent no matter its producer
17. demand for a product exceeds available supply
19. the expenses a firm must pay before it can begin to produce and sell goods
20. maximum price that can be legally charged for something
21. a market dominated by a single seller

1. a government-issued right to operate a business
2. the right to sell a good or service within an exclusive market
4. a market structure that does not fall into perfect competition
5. the ability of a company to change prices and output like a monopolist
10. the minimum that is charged for consumption
11. the smallest amount that can be payed for labor per hour
13. a market that runs most efficiency when one large firm supplies all of the output
15. when supply produced is much more than demanded or needed
16. when the quantity demanded is more than quantity supplied
18. a price ceiling placed on rent