Econ Unit 2 Test Review pt. 3

Quantity supplied is less than quantity demanded

Lowest legal price that can be CHARGED for a product

Differences between competing products in same industry

Lowest legal wage that can be paid to most workers

Nature and degree of competition among firms operating in same industry

Agreement, usually illegal, by firms to charge a uniform price for a product

Philosophy that government should not interfere with commerce or trade

Market structure having all conditions of pure competition except for identical products

Increasingly efficient use of personnel, plant, and equipment as a firm becomes larger

Lacks one or more conditions of perfect competition

Formal agreement to set prices or cooperate

Government owned monopoly

Few large sellers dominatethe industry

Market where average costs are lowest when all output is produced by a single firm

illegal combination of corporations or companies organized to hinder competition

Only one seller of a particular product

Market situation where a firm has a monopoly because it owns or controls a manufaturing method, process, or other scientific advance

Requirement forcing a business to reveal infornation about its products or its operations to the public

Monopoly based on absence of other sellers in a certain geographic area

economic side effect that affects an uninvolved third party

Illegal practice of charging customers different prices for same product

Market where any of requirements of a competitive market are lacking

Economic product that is consumed collectively; highways, national defense, police and fire protection

Ruling requiring a company to stop an unfair business practice that reduces or limits competition