Competition Flashcards
1
Q
What is market structure?
A
Market structure refers to the nature of a particular industry and how the firms within it act
2
Q
What is a competitive market?
A
a market with many firms
3
Q
What is a monopoly?
A
a market dominated by one firm
4
Q
What is an oligopoly?
A
a market dominated by a few firms
5
Q
What are non-competitive markets?
A
a market with a degree of monopoloy power
6
Q
What are the characteristics of a competitive market?
A
- low profit
- no barriers to entry
- similar goods/services
7
Q
What are the characteristics of a monopoly?
A
- many barriers to entry
- supernormal profits
8
Q
What are the charcateristics of an oligopoly?
A
- few barriers to entry
