1- Perfect Competition, or Pure Competition, is an ideal market structure.
2- Many Producers spend millions of dollars on advertising to persuade consumers into purchasing their brands/products.
3- Differentiation = Profit.
4- Oligopolies are the most common non-competitive market in the U.S.
5- Cartel: group of companies openly organized to set prices.
6- 'Laissez-faire' translates to 'Hands-off' in French.
7- The Interstate Commerce Comission primarily oversaw the railroads.
8- Federal Trade Commission Act, created in 1914; was passed to investigate charges of unfair methods of competition and commerce.