A monopoly is a market structure where a single firm has substantial control over the supply of a particular good or service, giving it significant market power.

In an oligopolistic market, firms compete with each other to maximize their profits, often through strategic pricing and output decisions.

Penetration pricing is a strategy where a firm sets a low price to quickly gain market share and establish a strong customer base.

Antitrust laws aim to promote competition in markets, prevent monopolies, and protect consumers from unfair business practices.

Convergence Theory proposes that firms in an industry gradually adopt similar strategies and behaviors over time, leading to a convergence of outcomes.

Marginal cost refers to the additional cost incurred by a firm when it produces one more unit of output.

Perfect competition is a market structure where there are numerous buyers and sellers, each with a small market share, and the price is determined by supply and demand.

Market power refers to the ability of a firm to influence the market price of its products, often due to factors such as size, market share, or unique product offerings.

Cost-plus pricing is a strategy where a firm sets a price that covers its average total cost plus a markup for profit.

A merger is the process of combining two or more firms into a single entity, resulting in a larger and more powerful organization.

Predatory pricing theory suggests that firms may engage in aggressive pricing strategies to drive competitors out of the market and establish a dominant position.

Market entry refers to the process by which a firm enters a new market or industry, often involving strategic decisions and investments.

An oligopoly is a market structure where a small number of large firms control a significant share of the market, leading to interdependence and strategic interactions among them.

Market exit refers to the process by which a firm leaves a market or industry, often due to factors such as competition, profitability, or strategic shifts.

Monopolistic competition theory suggests that firms in an industry compete on the basis of product differentiation and brand loyalty, leading to a variety of products and choices for consumers.