Here We Go Again.. Flashcards

1
Q

Perfect competition

A

Perfect competition refers to a market where infinite firms sell homogenous products under the conditions of perfect information

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2
Q

Monopolistic

A

where many firms compete and sell differentiated products

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3
Q

Oligopoly

A

Where a market is shared by a small number of producers or sellers

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4
Q

Monopoly

A

Dominant seller in the market

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5
Q

Monopsony

A

When there is one buyer in the market

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