Unit 5 - Principles of Business

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1. What is monopolistic competition?

  • A market that is dominated by a small number of sellers.
  • Many businesses sell products that are differentiated from one another.
  • When a specific organisation is the only supplier of a particular commodity.
  • Where there is only one buyer who interfaces with many sellers.
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2. What is a "Monopsony"?

  • Product differentiation
  • When a specific organisation is the only supplier of a particular commodity.
  • A market in which only one buyer interfaces with many sellers, the buyer dictates terms to the suppliers.
  • Market is dominated by a small number of sellers.

3. What is a "Oligopoly"?

  • Where only one buyer interfaces with many sellers.
  • A market that is dominated by a small number of sellers.
  • Product differentiation
  • When a specific organisation is the only supplier of a particular commodity.

4. What does "Monopoly" mean?

  • A market that is dominated by a small number of sellers.
  • When a specific organisation is the only supplier of a particular commodity.
  • Where many businesses sell products that are differentiated from one another.
  • Where one buyer interfaces with many sellers.

5. What is imperfect competition?

  • Rational buyers
  • A market structure showing some but not all features of competitve markets.
  • No barriers to market entry or exit.
  • Large number of buyers and sellers

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