Market Flashcards
1
Q
What is a market?
A
A market is and opportunity for buyers and sellers to meet and determine the price of a good or service.
2
Q
What is a monopolistic market?
A
Where there is only one company offering a certain product or service.
3
Q
What is an oligopolistic market?
A
Where there are multiple companies offering a certain product or service. Companies might lower prices to attract more consumers as there is competitiion.
4
Q
What is monopolistic competition?
A
5
Q
What is perfect competition?
A
