Unit 5 - Principles of Business 5.0 / 5 based on 2 ratings ? BusinessCharacteristics of different business marketsBTEC NationalEdexcel Created by: Draconis ^.^Created on: 29-12-15 12:29 What are the features of Perfect Competition? large number of buyers and sellers, no barriers to entry or exit, perfect information,zero transaction costs, rational buyers, no externalities 1 of 8 What are the features of Imperfect Competition? Incorporates monopolies, monopolistic competition, oligopoly and monopsony 2 of 8 What does "Monopoly" mean? When a specific organisation is the only supplier of a particular commodity. 3 of 8 What is monopolistic competition? Many businesses sell products that are differentiated from one another. 4 of 8 What is a "Oligopoly"? A market that is dominated by a small number of sellers. 5 of 8 What is a "Monopsony"? A market in which only one buyer interfaces with many sellers, the buyer dictates terms to the suppliers. 6 of 8 What is perfect competition? Where no participants are large enough to have market power to set the price of n identicle product. 7 of 8 What is imperfect competition? A market structure showing some but not all features of competitve markets. 8 of 8
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