Examlex
Stimulus discrimination is the process of pairing a conditioned stimulus with a stimulus that elicits a
response that is incompatible with an unwanted conditioned response.
Product Differentiation
The attempt by firms to convince buyers that their products are different from those of other firms in the industry. If firms can so convince buyers, they can charge a higher price.
Perfectly Elastic
A situation in economics where the quantity demanded or supplied changes by an infinite amount in response to any change in price; depicted by a horizontal line in price-quantity graphs.
Collusion
Cooperation among producers to limit production and raise prices so as to raise one another’s profits.
Barriers To Entry
Barriers to entry are obstacles that make it difficult for new competitors to enter an industry, including high initial investment costs, strict regulations, or strong brand loyalty among existing customers.
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