Group 4 Flashcards
1
Q
What is market structure
A
How a particular market is organised
2
Q
How can market structure be organised
A
The number of firms in the market-the more firms, the more competitive
Degree of product differentiation-the more differentiated, the less competitive, in a perfectly competitive, products are homogenous
Barriers to market-this looks at how hard it is for new firms to enter a market
3
Q
How are products differentiated
A
Brand, price, quality
4
Q
Examples of barriers
A
Economies of scale, brand loyalty, controlling important technology, reputation
