EPF Chapter 5 Vocabular

A _____________ describes the key characteristics of a market, which include the number of firms and the similarity of the products they sell.

____________ is a market structure in which a large number of small firms sell identical products, and entry into the market is easy.

A ___________ is an obstacle that makes difficult for a new firm to enter a market.

A _____________ is a seller that has no control over the price of the product it sells.

____________ is a market structure in which a single seller sells a unique product.

A _____________ is a market in which the average cost of production is lowest when only one firm supplies a good or service.

A __________ is a seller that does not consider competition when setting its price.

Economist define ____________ as a market structure characterized by many small sellers, a differentiated product, and easy market entry.

The key feature of monopolistic competition is ___________, which is the process of creating differences between similar goods and services.

Economist define an ________ as a market structure characterized by a few large sellers, either of identical or differentiated product, and difficult market entry.