0 of 4 blanks filled
Key Terms
Imperfect Competition
Markets where firms have some _______ _______, meaning they can influence the price of their product.
Market Power
The ability of a firm to _______ the price of its product.
Barriers to Entry
_______ that prevent new firms from easily entering a market.
Natural Monopoly
A market where a single firm can serve the entire market more _______ than multiple firms.
Monopoly
A market structure where a _______ firm is the entire market, acting as a _______ _______.
1 / 5