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Microeconomics 5 > Definitions > Flashcards

Definitions Flashcards

1
Q

Perfect competition

A

Market with many buyers and sellers

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2
Q

Monopolistic competition

A

Imperfect competition with many firms

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3
Q

Oligopoly

A

Imperfect competition among a few firms

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4
Q

Duopoly

A

2 firms

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5
Q

Monopoly

A

1 firm

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6
Q

Market share

A

Proportion of sales in a market

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7
Q

Hit and run entry

A

When firms renter a market to make ecnomics profit and leave once it’s been competed away

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Microeconomics 5 (4 decks)

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