Ch 7 FRQ Flashcards
1
Q
Perfect competition: # of firms Variety of goods Barriers to entry Control over prices
A
# of firms: many Variety of goods: none Barriers to entry : none Control over prices: none Price taker
2
Q
Monopoly # of firms Variety of goods Barriers to entry Control over prices
A
# of firms: 1 Variety of goods: none Barriers to entry; complete Control over prices: complete Price maker
3
Q
Monopolistic competition # of firms Variety of goods Barriers to entry Control over prices
A
of firms: many
Variety of goods: some
Barriers to entry: little
Control over prices: low
4
Q
Oligopoly # of firms Variety of goods Barriers to entry Control over prices
A
# of firms: few dominate Variety of goods: some Barriers to entry: some Control over prices: high Price maker
5
Q
Perfect Comp examples
A
Wheat, shares of stock, apples
6
Q
Monopolistic examples
A
Jeans, books
7
Q
Oligopoly examples
A
Cars, movie studios
8
Q
Monopoly examples
A
Public water
Public gas
Electricity
