4.1 Competition and market power Flashcards
1
Q
Define monopoly
A
2
Q
What is a pure monopoly?
A
3
Q
What is monopoly power?
A
4
Q
What is a legal monopoly?
A
5
Q
What is a natural monopoly?
A
6
Q
What is a duopoly
A
7
Q
What are the characteristics of a monopoly?
A
8
Q
Define an oligopoly
A
9
Q
What are the characteristics of an oligopoly
A
10
Q
Define imperfect competition
A
11
Q
Define a monopolistic competition
A
12
Q
What are the characteristics of imperfect competition
A
13
Q
How is perfect competition used to explain markets
A
14
Q
A
