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138. Market structure ( ) - describes the important features of a market, such as the number of firms, type of product, ease of entry, and forms of competition.

139. Competition () - the presence in a market of a large number of independent buyers and sellers and the freedom of buyers and sellers to enter and to leave the market.

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140. Perfect competition ( ) - is the market structure involving large numbers of fully informed buyers and sellers of a homogeneous (standardized) product. There are no obstacles to entry or exit of firms.

141. Imperfect competition ( ) - all markets except pure competition; monopoly, monopsony, monopolistic competition, monopsonistic competition, oligopoly, and oligopsony.

142. Pure competition ( ) - 1) a market in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the price at which the product sells, and in which there is nononprice competition; 2) a market in which there is a very large number of buyers.

143. Standardized product ( ) - a product such that buyers are indifferent to the seller from whom they purchase it so long as the price charged by all sellers is the same; a product such that all units of the product are perfect substitutes for each other (are identical).

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144. Price competition ( ) -the decreasing the prices of the products which firms employ to attempt to increase the sale of their products.

145. Nonprice competition ( ) - the means other than decreasing the prices of their products which firms employ to attempt to increase the sale of their products; and which includes quality competition, advertising, and sales promotion activities.

146. Quality competition ( ) - a change in the characteristics (quality) of the product produced by a firm that is intended to change the quantity of the product the firm can sell.

147. Price setter (, ) - any firm, which can change the price at which it buy or sell.

148. A price taker (, ) - is any firm whose actions have no effect on the market price; which make a decision on whether to buy or sell at a given price.

 

The perfectly competitive firm has no control over price. What does it control? The firm controls its rate of output. What rate of output will maximize profit?

149. Marginal revenue ( ) - the change to the total revenue of the firm that results from the sale of one additional unit of its product; equal to the change in the total revenue divided by the change in the quantity of the product sold.

150. Golden rule of profit maximization ( ) - a firm should expand output as long as marginal revenue exceeds marginal cost and should stop expanding output before marginal cost exceeds marginal revenue.

151. Marginal cost ( ) - the extra (additional) cost of producing one more unit of output; equal to the change in total cost divided by the change in output.

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The most important feature of a monopolized market is that new firms cannot profitably enter the market in the long run.

152. A barrier to entry ( / /) - is an impediment that prevents new firms from competing on an equal basis with existing firms in an industry.

153. Monopoly () - (1) a market in which the number of sellers is so few that each seller is able to influence the total supply and the price of the good or service; (2) a major industry in which a small number of firms control all or a large portion of its output.

154. Pure monopoly ( ) - a market in which one firm sells a unique product (one for which there are no close substitutes), into which entry is blocked, in which the firm has considerable control over the price at which the product sells, and in which nonprice competition may or may not be found.

155. Monopsony () - a market in which there is only one buyer of the good and service.

156. Monopolistic competition ( ) - a market in which many firms sell a differentiated product, into which entry is relatively easy, in which the firm has some control over the price at which the product it produces is sold, and in which there is considerable nonprice competition.

157. Differentiated product ( ) - a product which differs physically or in some other way from the similar products produced by other firms; a product which is similar to but not identical with and, therefore, not a perfect substitute for other products.

158. Monopsonistic competition ( ) - a market in which there is a fairly large number of buyers.

159. Oligopoly () - a market in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm's control over the price at which it sells its product is limited by mutual interdependence (except when there is collusion among firms), and in which there is typically a great deal of nonprice competition.

160. Noncollusive oligopoly (, ) - an oligopoly in which the firms do not act together and in agreement to determine the price of the product and the output each firm will produce or to determine the geographic area in which each firm will sell.

161. Collusive oligopoly ( ) - an oligopoly in which the firms act together and in agreement (collude) to set the price of the product and the output each firm will produce or to determine the geographic area in which each firm will sell.

162. Oligopsony () - a market in which there are a few buyers.

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163. ) Natural monopoly ( ) - an industry in whichthe economies of scale are so great that the product can be produced by one firm at an average cost which is lower than it would be if it were produced by more than one firm.

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164. Economies of scale (, ) - the forces which reduce the average cost of producing a product as the firm expands the size of its plant (its output) in the long run; the economies of mass production.

165. Long run ( ) - a period of time long enough to enable producers of a product to change the quantities of all the resources they employ; in which all resources and costs are variable and no resources or costs are fixed.

166. Closed monopoly ( )- a monopoly that is protected by legal restrictions on competition.

167. Economic concentration ( ) -a measure of the control of a particular economic activity in an industry, in a sector of the economy, in an entire economy.

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168. Horizontal merger ( ) - the merger of one or more firms producing the same product into a single firm.

169. Horizontal combination ( ) - a group of plants in the same stage of production and owned by a single firm.

170. Vertical merger ( ) - the merger of one or more firms engaged in different stages of the production of a final product into a single firm.

171. Vertical combination ( ) - a group of plants engaged in different stages of the production of a final product and owned by a single firm.

172. Conglomerate merger ( ) - the merger of a firm in one industry with a firm in another industry (with a firm that is neither supplier, customer, nor competitor).

173. Conglomerate combination ( ) - a group of plants owned by a single firm and engaged at one or more stages in the production of different products (or products which do not compete with each other).

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174. Cartel ( ) - is a formal written or oral agreement among firms to set the price of the product and the outputs of the individual firms or to divide the market for the product geographically.

Syndicate .

176. Trust () - is a merger or collusive agreement among competing firms.

Combination .

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178. Concentration ratio ( ) - a measure of the market share of the largest firms in an industry; or percentage of product sales controlled by a specified number of the largest sellers.

179. Herfindahl-Hirschman index ( -) - the sum of the squared percentage market shares of all firms in an industry; a measure of the level of concentration in that industry.

 

7.

Money - anything that is generally accepted in an economy as a medium of exchange, a unit of account, a store of purchasing power, and a standard for deferred payment.

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180. Medium of exchange ( ) - money is a convenient means of exchanging goods and services without engaging in barter; what sellers generally accept and buyers generally use to pay for a good or service.

181. Barter () - the exchange of one good or service for another good or service.

182. Commodity money ( ) - money serves as both money and a commodity.

183. Standard of value ( ) -money is a yardstick for measuring the value of all goods and services.

184. Store of wealth ( ) - money serves as a store of wealth by retaining its purchasing power over time.

: commodity money; metallic money and coinage; token money; paper money.

185. Seigniorage ( ) - is the revenue earned by a sovereign from coining money; is the difference between the face value of the money and the cost of coining it.

186. Token money ( ) -coins which have aface valuegreater than their intrinsic value.

187. Face value ( of the money) ( ) - the dollar or cents value stamped on a coin.

188. Intrinsic value ( ) - the value in the market of the metal in a coin.

189. Paper money ( ) - pieces of paper used as a medium of exchange; in the United States, Federal Reserve notes and treasury currency.

Paper money:

190. Bank notes () -were pieces of paper promising to pay a specific amount of money to the bearer in the gold.

191. Fiduciary money - is redeemable for gold or another valuable commodity

("as good as gold").

192. Fiat money ( , , ) -(1) anything that is money because government has decreed it to be money; (2) is not redeemable for any commodity; its status as money is conferred by the government.

193. Federal Reserve Note( ) - paper money issued by and the debts of the Federal Reserve Bank.

194. Legal tender ( ) - is anything that creditors are required by law to accept as payment for debts.

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195. Monetary aggregates ( , ) - are measures of the economy's money supply.

196. M1 - the narrowly defined money supply; the currency and checkable deposits not owned by the Federal government, Federal Reserve Banks, or Depository institutions.

197. Currency ( ) - coins and paper money.

198. Checkable deposit ( ) - any deposit in a commercial bank or thrift institution against which a check may be written; includes demand deposits and NOW, ATS, and share draft accounts.





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