Unit 7

pure=clean competitive portion=part,

fragment output single=one, individual have an influence ON

sth.= influence sth. condition=term,

circumstance characterise homogeneous=unifor

m, same

sell-sold-sold identical nearly=almost perfectly (adv.) be substitutable for

sth.=be interchangeable advertise advantages vs.

disadvantages distinguish=differentiate consumer competing

independent of sth. exist assumption=

premise, presupposition

rule out= eliminate, rid of, reject

collusion= a secret agreement btw. Two or more parties for a deceitful purpose

affect sth.=influence ensure=secure commodity=good

relative to=in proportion to

perceptible=noticeable barrier=obstacle entry vs. exit feature=characteristic essential=basic raw material regulation behaviour=demeanour equal access=approach

basis (sing.) –bases (pl.)

the basis for sth.=the grounds for sth.

prevail=dominate v. act in fact=actually in turn extreme amount therefore=thus=henc

e seek-sought-sought=

search

maximise=increase be composed of sth. refer to sth. as… rare=uncommon monarch=king grant=give a favour or

a right individual a variety of sth.=

range, scope, diversity undertaking=task,

project, labour, venture

empower=give the right to sth.=entitle

entire exert=apply,

use,have manifest=reflect,

show, demonstrate v. charge apply sth. TO sth. technically concern sth.= be

related to, be relevant

criterion - criteria

exhibit=demonstrate, show

substitutabilty isolation a matter of degree raise-rasied-raised consideration=conditi

on, information; regard

legal economies of scale merchant-trader