Match the terms on the left with the definitions in the column on the right (use alphabet to match for example 1-a/2-b/3-c). 1. relevant market a. price changes by one firm in oligopoly affect pricing by other firms 2. market structure b. a few firms that produce goods that are close substitutes 3. mutual interdependence c. one firm producing a good with no close substitutes 4. industry d. the percentage of total market sales produced by a particular firm 5. patent e. a set of goods with high cross elasticities among them 6. monopolistic competition f. large number of firms producing goods that are perfect substitutes 7. oligopoly g. a set of market characteristics common to a group of firms 8. product differentiation h. physical or perceived differences among substitute goods in a market 9. brand loyalty i. many firms that produce differentiated goods that are close substitutes 10. perfect competition k. a monopoly right on a new technology or production of a new good 11. monopoly l. collection of firms producing the same good 12. market share m. consumer willingness to buy a good at a price higher than the price of its substitutes
Match the terms on the left with the definitions in the column on the right (use alphabet to match for example 1-a/2-b/3-c).
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1. relevant market |
a. price changes by one firm in oligopoly affect pricing by other firms |
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2. market structure |
b. a few firms that produce goods that are close substitutes |
|
3. mutual interdependence |
c. one firm producing a good with no close substitutes |
|
4. industry |
d. the percentage of total market sales produced by a particular firm |
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5. patent |
e. a set of goods with high cross elasticities among them |
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6. |
f. large number of firms producing goods that are perfect substitutes |
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7. oligopoly |
g. a set of market characteristics common to a group of firms |
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8. product differentiation |
h. physical or perceived differences among substitute goods in a market |
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9. brand loyalty |
i. many firms that produce differentiated goods that are close substitutes |
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10. |
k. a |
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11. monopoly |
l. collection of firms producing the same good |
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12. market share |
m. consumer willingness to buy a good at a price higher than the price of its substitutes |
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