Unit 5 - Principles of Business
- Created by: Draconis ^.^
- Created on: 29-12-15 12:29
Other questions in this quiz
2. What does "Monopoly" mean?
- When a specific organisation is the only supplier of a particular commodity.
- Where one buyer interfaces with many sellers.
- Where many businesses sell products that are differentiated from one another.
- A market that is dominated by a small number of sellers.
3. What is imperfect competition?
- A market structure showing some but not all features of competitve markets.
- Large number of buyers and sellers
- No barriers to market entry or exit.
- Rational buyers
4. What is a "Monopsony"?
- A market in which only one buyer interfaces with many sellers, the buyer dictates terms to the suppliers.
- When a specific organisation is the only supplier of a particular commodity.
- Market is dominated by a small number of sellers.
- Product differentiation
5. What are the features of Perfect Competition?
- Sheep
- large number of buyers and sellers, no barriers to entry or exit, perfect information,zero transaction costs, rational buyers, no externalities
- Ducks
- incorporates monopolies, monopolistic competition
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