All brief market structures Flashcards
What are the size and number of buyers in perfect competition?
Many buyers, no one of which
is large relative to the overall
market
What are the size and number of buyers in monopoly?
Many buyers, no one of
which is large relative to the
overall market
What are the size and number of buyers in oligopoly?
Many buyers, no one of
which is large relative to the
overall market
What are the size and number of buyers in monopolistic competition?
Many buyers, no one of
which is large relative to the
overall market
What are the size and number of sellers in perfect competition?
Many sellers, no one of which
is large relative to the overall
market
What are the size and number of sellers in monopoly
one seller
What are the size and number of sellers in oligopoly?
Few sellers, each of which is
large relative to the overall
market
What are the size and number of sellers in monopolistic competition?
Many sellers, no one of
which is large relative to the
overall market
What is the degree of suitability of different sellers’ products in perfect competition?
The outputs of different
sellers are homogeneous
What is the degree of suitability of different sellers’ products in monopoly?
There are no close
substitutes
What is the degree of suitability of different sellers’ products in oligopoly?
The outputs of different
sellers may or may not be
differentiated
What is the degree of suitability of different sellers’ products in monopolistic competition?
The outputs of different
sellers are heterogeneous
What extent to which buyers are informed about prices and available alternatives in perfect competition?
Buyers are well informed
about the offerings of
competing suppliers
What extent to which buyers are informed about prices and available alternatives in monopoly?
Buyers are well informed
about the offerings of
competing suppliers
What extent to which buyers are informed about prices and available alternatives in oligopoly?
Buyers may or may not be
well informed about the
offerings of competing
suppliers
What extent to which buyers are informed about prices and available alternatives in monopolistic competition?
Buyers may or may not be
well informed about the
offerings of competing
suppliers
What are the conditions of entry in perfect competition?
Neither technological nor
legal barriers to entry exist
What are the conditions of entry in monopoly?
Either technological or legal
barriers completely block
entry
What are the conditions of entry in oligopoly?
Technological and legal
barriers to entry may or may
not exist
What are the conditions of entry in monopolistic competition?
Neither technological nor
legal barriers to entry exist
