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9 Economics > 10 Market Structures > Flashcards

10 Market Structures Flashcards

1
Q

audience that you intend to buy your product

A

target market

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2
Q

bridge the gap between the product and the target market

A

marketing department

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3
Q

location where consumers purchase a producer’s roducts

A

supermarket

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4
Q

mechanism/arrangement where buyers and sellers interact (exchange goods)

A

market

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5
Q

decide price and quantity; both buyers and sellers must agree

A

market

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6
Q

no single seller/buyer can have significant effect

A

perfect competition

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7
Q

you take whatever the market price is

A

price taker

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8
Q

products are identical, homogeneous, fully substitutable

A

perfect competition

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9
Q

no constraints in entering/exiting the market, because there are an infinite number of producers

A

perfect competition

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10
Q

implies that everyone knows everything about the product; there are no opportunities of arbitrage (resellers)

A

perfect information

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11
Q

intense competition

A

monopolistic competition

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12
Q

combo of monopoly and perfect competition

A

monopolistic competition

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13
Q

buyers and sellers can easily enter and exit the market

A

monopolistic competition

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14
Q

relatively few sellers that are interdependent

A

oligopoly

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15
Q

very strong barriers to entry and exit

A

oligopoly

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16
Q

products have few substitutes

A

oligopoly

17
Q

group of producers that cooperate instead of compete to seek higher profit and control quantity and price

A

cartel

18
Q

any type of illegal conspiracy/intent to defraud customers

A

collusion

19
Q

dominant firm makes pricing decision for the rest of the market

A

price leadership

20
Q

firms break out of price leadership model and begin undercutting each other’s prices

A

price wars

21
Q

firms compete on the basis of product differentiation, not price

A

product differentiation

22
Q

only one seller; no competition

A

monopoly

23
Q

products have no immediate substitute

A

monopoly

24
Q

many barriers involved in entering the market

A

monopoly

25
Q

ownership of essential input and supply chain; high cost for capital

A

structural barriers

26
Q

monopolist discourages entry of new firms

A

strategic barriers

27
Q

franchise, patents, copyright

A

legal barriers

28
Q

inventions

A

patents

29
Q

intellectual property

A

copyright

30
Q

people are forced to buy from you

A

price maker

9 Economics (11 decks)

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