Economics-3.4 revision

What is perfect competition?
A market structure where there are many buyers and sellers, where there is freedom of entry and exit to the market, where there is perfect knowledge and where all firms produce a homogenous product.
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What is a price taker?
A firm which has no control over the market price and has to accept the market price if it wants to sell its product.
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What is monopolistic competition?
A market structure where a large number of small firms produces non-homogenous products and where there are no barriers to entry or exit.
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What is oligopoly?
A market structure where there is a small number of firms in the industry and where each firm is interdependent with one another, creating uncertainty. Barriers to entry are likely to exist.
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What is a monopolist?
A firm which controls all the output in a market.
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Other cards in this set

Card 2

Front

What is a price taker?

Back

A firm which has no control over the market price and has to accept the market price if it wants to sell its product.

Card 3

Front

What is monopolistic competition?

Back

Preview of the front of card 3

Card 4

Front

What is oligopoly?

Back

Preview of the front of card 4

Card 5

Front

What is a monopolist?

Back

Preview of the front of card 5

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