Topic 4 Lesson

1. a product that is considered the same no matter who produces or sells it.
4. a market structure in which a few large firms dominate a market.
5. laws that encourage competition in the marketplace.
7. the removal of government controls over a market.
9. a market structure in which many companies sell product that are similar but not identical
10. when two or more companies join to form a single firm.
12. an agreement among firms to charge one price for the sam egood.
13. selling a product below cost for a short period of time to drive competitors out of the market.
14. the expenses a new business must pay before it can begin to produce and sell goods.

1. an illegal agreement among firms to divide the market, set prices, or limit production.
2. a market in which a single seller dominates.
3. the division of consumers into groups based on how much they will pay for a good.
6. a government issued right to operate a business.
8. a way to attract customers through style,service,or location, rather than a lower price.
11. any factor that makes it difficult for a new firm to enter a market.