Term

If perfect competition is a market where firms have no market power and they simply respond to the market price, __________ is a market with no competition at all, and firms have a great deal of market power.

Definition

Monopoly

Term

________________ are the legal, technological, or market forces that discourage or prevent potential competitors from entering a market.

Definition

Barriers to entry

Term

where the barriers to entry are something other than legal prohibition.

Definition

Natural Monopoly