15. is the purchase of the factors of production: land, labor, capital, and entrepreneurship by businesses of individuals and families resource market The Nature of Markets
22. 4 types of market structure: market structures The Nature of Markets
23. 4 types of market structure: monopoly| oligopolymonopolistic competition perfect competition market structures The Nature of Markets
24. 4 types of market structure: monopoly | oligopolymonopolistic competition perfect competition market structures The Nature of Markets
25. 4 types of market structure: monopoly | oligopolymonopolistic competition perfect competition market structures The Nature of Markets
26. 4 types of market structure: monopoly | oligopolymonopolistic competition perfect competition market structures The Nature of Markets
27. 4 criteria are used to categorize # of firms | firm’s level of power | product differentiation between firms | ease of entry and exit market structures The Nature of Markets
28. 4 criteria are used to categorize # of firms | firm’s level of power| product differentiation between firms | ease of entry and exit market structures The Nature of Markets
29. 4 criteria are used to categorize # of firms | firm’s level of power| product differentiation between firms| ease of entry and exit market structures The Nature of Markets
30. 4 criteria are used to categorize # of firms | firm’s level of power| product differentiation between firms|ease of entry and exit market structures The Nature of Markets
52. only one firm firm sells to whole market monopoly The Nature of Markets
53. only one firm firm sells to whole market no substitute products exist monopoly The Nature of Markets
54. only one firm firm sells to whole market no substitute products exist high barrier to entry monopoly The Nature of Markets
55. market structure & power The Nature of Markets most market power monopoly oligopoly competition least market power monopolistic competition perfect competition