Examlex
In the Case in Point on economic growth prospects for the United States, economist Robert Gordon expects for the near future:
Homogeneous Product
A homogeneous product is one that is perceived by consumers as identical in quality and function to a product from another producer.
Entry Barriers
Entry Barriers are obstacles that make it difficult for new entrants to enter an industry, protecting existing firms from competition.
Oligopoly
An oligopoly is a market structure dominated by a few large firms, leading to limited competition and possibly collaborative behavior to control prices and market share.
Increasing Returns To Scale
Long-run average total cost declines as output increases (also referred to as economies of scale).
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