A firm that is the only seller in its market, but that faces sellers in
other markets offering acceptable substitutes. In addition
actual monopolists face potential competition and uncertain
government regulation.
The purchase of a product in one market for the purpose of immediately
reselling it in another market in order to take advantage of a
price difference.
A type of price discrimination wherein each firm in an industry, no
matter where it is located, charges a delivered price that
includes transportation charges based on the presumption that
the product was shipped from a common origin.
A form of international price discrimination wherein firms sell their
products at a lower price to buyers in a foreign country than to
buyers in their own country.
The degree of control or power that a firm has over the price of the
product that it sells.
A market in which a single seller is required for efficient production.
A right of temporary limited monopoly over a new product or process
granted to its inventor or to a firm that purchases the right
from an inventor.
A price difference that exists whenever a firm follows the practice of
selling the same product at the same time to different buyers at
different prices.
A price differential that is not justified by a difference in cost to the
seller.
A firm with monopoly power that chooses the combination of output and
price that maximizes its profit.
A firm that, because it lacks full information,
searches for rather than chooses the price for its product.
A market in which there is only
a single seller, no acceptable substitutes are
available, and there is no potential competition be -
cause entry is barred.
The amount of economic welfare
lost to consumers because a product is produced and sold by a
monopolist instead of by purely
competitive firms.
Producing with high-cost internal practices because of a lack of
motivational efficiency.
