Chapter 15

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  1. monopoly
    a firm that is the sole seller of a product without close substitutes
  2. natural monopoly
    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
  3. price discrimination
    the business practice of selling the same good at different prices to different customers

Card Set Information

Author:
Ruth5151
ID:
19823
Filename:
Chapter 15
Updated:
2010-05-19 00:32:19
Tags:
Economics Mankiw
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Description:
A.P. Economics textbook, Chapter 15 vocabulary
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