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
2
Q
Monopolistic
A
where many firms compete and sell differentiated products
3
Q
Oligopoly
A
Where a market is shared by a small number of producers or sellers
4
Q
Monopoly
A
Dominant seller in the market
5
Q
Monopsony
A
When there is one buyer in the market
