Market Power: Perfect Competition and Monopolistic Competition Flashcards by Cristian Kim | Brainscape

Q

Number of firms in monopoly

A

one large firm

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Q

Type of product for monopoly (2)

A

unique

no close subsitute

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Q

Monopoly control over price

A

a lot

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Q

Monopoly barriers to entry

A

blocked

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Q

Nonprice competition for monopolies

A

no competition but some public relations advertising

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Q

Examples of monopolies

A

local public utilities (electricity, water)

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Q

Number of firms for monopolistic competition

A

many

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Q

Type of product for monopolistic competition

A

differentiated

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Q

Monopolistic competition control over price

A

some, depends on product differentiation

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Q

Monopolistic competition barriers to entry

A

relatively easy

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Q

Monopolistic competition nonprice competition

A

a lot

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Q

Examples of monopolistic competition (4)

A

restaurants, hotels, pubs, pharmacies

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Q

Number of firms in oligopoly

A

few

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Q

Types of products for oligopolies

A

differentiated

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Q

Oligopoly control over price

A

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Q

Number of firms in oligopoly

A

few

Q

Size of firms in oligopoly

A

large

Q

Differentiation of firms in oligopoly

A

no

Q

Barrriers to entry for oligopolies

A

high

Q

Market power of oligopolies

A

price cartel/price followers