Match the terms on the left with the definitions in the column on the right (use alphabet to match for example 1-a/2-b/3-c). 1. relevant market a. price changes by one firm in oligopoly affect pricing...

1. relevant market

a. price changes by one firm in oligopoly affect pricing by other firms

2. market structure

b. a few firms that produce goods that are close substitutes

3. mutual interdependence

c. one firm producing a good with no close substitutes

4. industry

d. the percentage of total market sales produced by a particular firm

5. patent

e. a set of goods with high cross elasticities among them

6. monopolistic competition

f. large number of firms producing goods that are perfect substitutes

7. oligopoly

g. a set of market characteristics common to a group of firms

8. product differentiation

h. physical or perceived differences among substitute goods in a market

9. brand loyalty

i. many firms that produce differentiated goods that are close substitutes

10. perfect competition

k. a monopoly right on a new technology or production of a new good

11.monopoly

l.collection of firms producing the same good

12.market share

m. consumer willingness to buy a good at a price higher than the price of its substitutes