2.5 Flashcards
1
Q
competition
A
competition is where firms are trying to sell a similar product to a consumer
2
Q
why do producers compete
A
producers compete to enter a market , to survive in a market, to make a profit
3
Q
monopoly
A
a monopoly is a sole seller of a good or service
4
Q
oligopoly
A
an oligopoly is when a small number of firms control the large majority of market share
