7.1 Vocabulary and Questions - Vocabulary:...

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Vocabulary: Laissez-faire-the philosophy that government should not interfere with commerce or trade Market structure-the nature and degree of competition among firms operating in the same industry Perfect competition-characterized by a large number of well-informed independent buyers and sellers who exchange identical products Imperfect competition-the name given to a market structure that lacks one or more of the conditions of perfect competition Monopolistic competition-the market structure that has all the conditions of perfect competition except for identical products Product Differentiation-real or imagined differences between competing products in the same industry Non-price Competition-the use of advertising, giveaways, or other promotional campaigns to convince buyers that the product is somehow better than another brand Oligopoly-a market structure in which a few very large sellers dominate the industry Collusion-a formal agreement to set prices or to otherwise behave in a cooperative manner
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This note was uploaded on 02/27/2012 for the course ECON 101 taught by Professor Burkhauser during the Spring '08 term at Cornell University (Engineering School).

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7.1 Vocabulary and Questions - Vocabulary:...

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