the exclusive possession or control of the supply of or trade in a commodity or service.

the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises. A product may lose market share for many reasons

this is the additional output resulting from a one-unit increase in the use of a variable input, while other inputs are constant.

a state of limited competition, in which a market is shared by a small number of producers or sellers.

a fundamental principle of economics that states that at a higher price consumers will demand a lower quantity of a good.

the degree to which individuals, consumers, or producers change their demand or the amount supplied in response to price or income changes. It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price.

the situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices.

the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.

a condition or state in which economic forces are balanced. In effect, economic variables remain unchanged from their equality values in the absence of external influences.

the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.

the monetary value of all finished goods and services made within a country during a specific period.

intended effect of keeping the market price of a good higher than the competitive equilibrium level. It is the support of certain price levels at or above market values by the government.

obstacles that make it difficult for a firm to enter a given market. ... They may arise naturally because of the characteristics of the market, or they may be artificially imposed by firms already operating in the market or by the government.

the cost added by producing one additional unit of a product or service.

the loss of potential gain from other alternatives when one alternative is chosen.