econ vocab 1

the expenses a firm must pay before it can begin to produce and sell goods

combination of two or more companies into a single firm

a formal organization of producers that agree to coordinate prices and production

a government-issued right to operate a business

the removal of some government controls over the market

a product that is the same no matter who produces it, such as petroleum, notebook pare, or milk

an agreement among firms to charge one price for the same good

division of consumers into groups based on how much they will pay for a good

a market dominated by a single seller

a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time