Unit 5 - Principles of Business
- Created by: Draconis ^.^
- Created on: 29-12-15 12:29
Other questions in this quiz
2. 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
3. What is perfect competition?
- Product differentiation
- Buyer dictates terms to suppliers
- Where no participants are large enough to have market power to set the price of n identicle product.
- A market structure showing some but not all features of competitive markets.
4. 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.
5. What are the features of Imperfect Competition?
- Perfect information
- Incorporates monopolies, monopolistic competition, oligopoly and monopsony
- No barriers to entry or exit
- Large number of buyers and sellers
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