5.6 Micro Flashcards
1
Q
What is information asymmetry?
A
When some parties have more information than others
2
Q
What percentage of market share does a firm have to have in order to have monopoly power?
A
25% or above
3
Q
What is labour immobility?
A
When workers in a region have difficulty moving from one region to another
This may occur due to the expense of moving, reluctancy or imperfect information of jobs in the area. OR occupational immobility
4
Q
What is capital immobility?
A
Rapid technological change, or structural change in the economy
5
Q
What is land immobility?
A
The inability to change land use due to climate change, or because it is physically impossible to move
