can be big in the sense of making a high percentage of all the sales in their industries.
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Cartel
a group of businesses which agree among themselves to charge higher prices or otherwise avoid competing with one another.
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Corporation
has a separate legal identity, so that the individual owners of the corporation are not personally liable for its financial obligations.
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Corporate governance
Executives are put in charge of corporate management, hired and if need be fired by a board of directors who hold the ultimate authority in a corporation.
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Monopoly
means literally one seller
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Cartel
Where there is a formal organization in an industry to set prices and output
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Monopolist
produces less output than a competitive industry would produce with the same available resources, technology and cost conditions.
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Flashcard (26)