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Chapter 7 - Market Structures

Mr. Kenzor
Horizontales
Illegal agreement among producers to fix prices, limit output, or divide markets
Condition where any of the requirements for a competitive market leads to an inefficient allocation of resources characterized by too much or too little being produced
Theoretical market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products and have freedom of entry and exit
Legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
Order requiring a company to stop an unfair business practice that reduces or limits competition
Market structure having all conditions of pure competition except for identical products
Market classification according to number and size of firms, type of product, and type of competition
Economic side effects that affect an uninvolved third party
Market structure in which a few large sellers dominate and have the ability to affect prices in the industry
Process in which a lender reclaims the property due to a lack of payment by the borrower
Illegal agreement by firms to charge a uniform price for a product
Requirement forcing a business to reveal information about its products or its operations to the public
Verticales
A theoretical market structure that requires three conditions: very large numbers, identical products, and freedom of entry and exit
Practice of charging different customers different prices for the same product
Illegal combinations of corporations or companies organized to suppress competition
Unintended side effects that either benefit or harm a third party not involved in the activity that caused it
Increasingly efficient use of personnel, plant, and equipment as a firm becomes larger
Market structure characterized by a single producer