microeconomics 4
- Created by: EmilySh02
- Created on: 04-02-19 13:52
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Clues
- a competitive market is one in which firms strive to outdo their rivals, but it does not necessarily meet all the conditions of perfect competition (11, 6)
- a market containing very few firms, in the extreme only one firm (12, 6)
- a market that displays the six conditions e.g.no barriers to entry and exit (7, 11)
- a ratio which indicates the total market share of a number of leading firms in the market, or the output of these firms as a percentage of total market output (13, 5)
- any market structure lying between the extremes of perfect competition and pure monopoly (9, 11)
- occurs when a firm's total sales revenue is furthest above total cost of production (6, 12)
- producers or firms in a market determine what is produced and what prices are charged (8, 11)
- reducing the price of a good or service to gain sales by making it more attractive for consumers (5, 11)
- temporarily reducing the price of a good to below average cost to drive smaller firms or new entrants out of the market (9, 7)
- through exercising their spending power, consumers can collectively determine what is produced in a market (8, 11)
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