Review Economics 2nd 9 Week Test

Front

perfect competition

Back

a market with many firms, identical products, and free entry and exit

Front

start-up costs

Back

expenses a new business must pay before the first product reaches the customer

Front

commodity

Back

a product that is considered the same regardless of who makes or sells it

Front

imperfect competition

Back

a market with barriers to entry

Front

technological barrier

Back

specialized training needed to start certain businesses

Front

barrier to entry

Back

any factor that makes it difficult for new firms to enter the market

Front

natural monopoly

Back

an industry that runs best when a single company produces a good or service

Front

price discrimination

Back

consumers are divided into groups and each is charged differently

Front

franchise

Back

a single seller has the rights to sell goods in an exclusive market

Front

monopoly

Back

a single seller in a market