Define all of the following key terms of chapter 8 :
Key Terms
. Cartel
. Collusion
. Duopoly
. Imperfect Market
. Market
. Monopolistic Competition
. Monopoly
. Monopsony
. Oligopoly
. Perfect Competition
. Perfect Market
please help me.I need this right now.
Answer:
1. Cartel – A group of firms or countries that join together to control the production and pricing of a particular product or commodity in order to maximize profits.
2. Collusion – An agreement between two or more firms to limit competition by fixing prices, dividing markets, or controlling production.
3. Duopoly – A market structure in which there are only two dominant firms that compete with each other and control the majority of the market share.
4. Imperfect Market – A market in which there are restrictions on the flow of information, barriers to entry, and/or limited competition, resulting in market inefficiencies and reduced consumer welfare.
5. Market – A place where goods and services are bought and sold.
6. Monopolistic Competition – A market structure in which there are many firms selling differentiated products, with some control over price and some degree of market power.
7. Monopoly – A market structure in which there is only one dominant firm that controls the majority of the market share and has significant market power.
8. Monopsony – A market structure in which there is only one buyer for a particular product or service, giving the buyer significant bargaining power.
9. Oligopoly – A market structure in which there are only a few dominant firms that compete with each other and control the majority of the market share.
10. Perfect Competition – A market structure in which there are many small firms selling identical products, with no barriers to entry or exit, perfect information, and no market power.
11. Perfect Market – A theoretical market in which all economic actors have perfect information, there are no barriers to entry or exit, and there is no market power, resulting in perfect competition and maximum social welfare.
•cartel is everything that can be seen joke
•market is in the public area where u can buy fish
•perfect market is me
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