(See related pages)
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| barriers to entry | Anything that artificially prevents the entry of firms into an industry. (See page(s) p. 202) |
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| deadweight loss | (See Efficiency loss.) (See page(s) p. 222) |
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| fair-return price | The price of a product that enables its producer to obtain a normal profit and that is equal to the average cost of producing it. (See page(s) p. 221) |
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| monopoly | A market structure in which one firm is the sole seller of a product or service, for which there are no close substitutes. (See page(s) p. 202) |
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| network effects | Increases in the value of a product to each user, including existing ones, as the total number of users rises. (See page(s) p. 214) |
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| price discrimination | The selling of a product to different buyers at different prices when the price differences are not justified by differences in cost. (See page(s) p. 217) |
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| rent-seeking behaviour | The actions by persons, firms, or unions to gain special benefits from government at taxpayers' or someone else's expense. (See page(s) p. 215) |
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| simultaneous consumption | A product's ability to satisfy a large number of consumers at the same time. (See page(s) p. 214) |
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| socially optimal price | The price of a product that results in the most efficient allocation of an economy's resources. (See page(s) p. 221) |
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| X-inefficiency | The production of output, whatever its level, at a higher average (and total) cost than is necessary. (See page(s) p. 214) |