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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 10 of 24

Topic: Imperfect Competition <=PAGE BACK | PAGE NEXT=>

  • A review of the two remaining market structure options -- monopsonistic competition and oligopsony.

  • Monopsonistic competition is a market structure characterized by a large number of small buyers, that purchase similar but not identical inputs, have relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology.
  • Oligopsony is a market structure dominated by a small number of large buyers controlling the buying-side of a market.
  • Both are somewhat obscure and seldom discussed buying counterparts to monopolistic competition and oligopoly sellers.


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IMPORTS

Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods bought from countries. Imports are the counter to exports--goods produced by the domestic economy and purchased by the foreign sector. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for the last item on a shelf.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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