monopolyRelated word or term.
OligopolyAn oligopoly (from Ancient Greek ὀλίγος (olígos) 'few' and πωλέω (pōléō) 'to sell') is a market in which pricing control lies in the hands of a few sellers. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolis...
Market powerIn economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level...
Monopoly priceIn microeconomics, a monopoly price is set by a monopoly. A monopoly occurs when a firm lacks any viable competition and is the sole producer of the industry's product. Because a monopoly faces no competition, it has absolute market power and can set a price above the firm's marginal cost. The monopoly ensures a monopoly price exists when it establishes the quantity of the product. As the sole supplier of the product within the market, its sales establish the entire industry's supply within the market, and the m...Competition lawCompetition law, also known as antitrust law, is the field of law that promotes and maintains market competition by regulating anti-competitive conduct by companies. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds, and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the late 20th century, competition law has become increasingly global. The two largest and most influential systems of competition regulation ar...
Competition (economics)In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, the lower prices for the products typically are, compared to what the pri...CartelA cartel is a group of independent market participants who collaborate with each other and avoid competing with each other in order to improve their profits and dominate the market. They seek to limit competition, fix prices, and increase prices by creating artificial shortages through low production quotas, stockpiling, and marketing quotas. Cartel behaviors can be either legal or illegal, but jurisdictions frequently consider cartelization to be anti-competitive behavior, leading them to outlaw or curtail cart...
Natural monopolyA natural monopoly is a monopoly in an industry in which high infrastructure costs and other barriers to entry give a market's largest supplier an overwhelming advantage over competitors. An industry is a natural monopoly if a single firm can supply the entire market at a lower long-run average cost than if multiple firms were to operate within it. In that case, it is likely that a single company (monopoly) or small number of companies (oligopoly), will serve most or all of the market's customers. This frequentl...Monopoly profitMonopoly profit is an inflated level of profit due to the monopolistic practices of an enterprise.
Substitute goodIn microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity o...
Marginal costIn economics, marginal cost (MC) is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, ...MonopsonyIn economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service. This is a similar power to that of a monopolist, which can influence the price for its buyers in a monopoly, where multiple buyers have only one seller of a good or service available to pu...
Greek languageGreek (Modern Greek: ελληνικά, romanized: elliniká; Ancient Greek: ἑλληνική, romanized: hellēnikḗ) is an Indo-European language, constituting an independent Hellenic branch within the Indo-European language family. It is native to the territories that have had populations of Greeks since antiquity: Greece, Cyprus, Egypt, Turkey, Italy (in Calabria and Salento), southern Albania, and other regions of the Balkans, Caucasus, the Black Sea coast, and the . It has the longest documented history o...*As an Amazon Associate I earn from qualifying purchases.