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gazumping (R2)<br />Breaking an agreement to sell a house because another prospective buyer has offered a higher price in the period between an oral promise to sell and the exchange of contracts. A sharp practice prevalent in England in the 1970s and 1980s.
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monopolistic competition (Ll)<br />A market structure first discussed by Edward CHAMBERLIN in 1932. It is similar to PERFECT COMPETITION, apart from the crucial assumption of PRODUCT DIFFERENTIATION which has the effect of introducing selling costs. These costs create a BARRIER TO ENTRY with the effects of reducing the number of firms in the industry and creating a small amount of monopoly power for each producer. Since monopolistically competitive firms produce, in
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economic good (DO)<br />A scarce good, yielding UTILITY, which must be allocated either by rationing or by the price mechanism; not a FREE GooD.
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competitive trading (D4)<br />The traditional method of exchange in a market consisting of buyers and sellers using their relative market strengths to reach an agreed single market price.<br /><em>See also:</em> barter; countertrade
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