Question

market price
brand loyalty
nonprice competition
product differentiation
economies of scale
barriers to entry
oligopoly
cartel
monopolistic competition
competition
monopoly
patent
government
introduction
perfect 1 _ is the ideal type of market structure. however, most market structures
represent imperfect competition. there are three types: 2 _, oligopoly, and
3 _.
monopoly
the most extreme example of imperfect competition is the pure 4 _, in which a single seller
controls the supply of the goods and services with no substitutes, no entry, and almost complete control of
5 _. a monopoly is protected by 6 _-obstacles that
prevent others from entering the market. there are four types of monopolies: natural, geographical, technological,
and 7 _. the large sizes of most natural monopolies seem to give companies
8 _, in which they can produce the largest amount for the lowest cost. a government
9 _ gives one exclusive rights to manufacture, rent, or sell an invention for a specific period
of time.
oligopoly
an 10 _ is an industry dominated by several suppliers who exercise some control over the
price. an oligopoly engages in 11 _ in which advertising emphasizes minor
differences and tries to build customer loyalty. the real or perceived differences in a good or service that make it more
valuable in the customers opinion is known as 12 _. an international form
of collusion is a 13 _, in which businesses from different countries try to reduce international
competition by controlling prices, production, and distribution.
monopolistic competition
the most common form of market structure in the united states is 14 _

Explanation:

1. Perfect competition: It is the ideal market structure with many buyers and sellers, homogeneous products, free entry and exit, and perfect information.
2. Monopoly: A single - seller market with no substitutes, no entry, and control over price.
3. Monopolistic competition: Many firms selling differentiated products.
4. Monopoly: As described in the text for the extreme form of imperfect competition.
5. Market price: A monopolist has control over it.
6. Barriers to entry: Protect a monopoly.
7. Government - created: One of the types of monopolies.
8. Economies of scale: Allows natural monopolies to produce at low cost.
9. Patent: Gives exclusive rights for an invention.
10. Oligopoly: Industry dominated by several suppliers.
11. Non - price competition: Advertising to build loyalty.
12. Product differentiation: Makes a good/service more valuable.
13. Cartel: International form of collusion.
14. Monopolistic competition: Common in the US.

Answer:

1. competition
2. monopoly
3. monopolistic competition
4. monopoly
5. market price
6. barriers to entry
7. government - created
8. economies of scale
9. patent
10. oligopoly
11. non - price competition
12. product differentiation
13. cartel
14. monopolistic competition