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

Q

Number of firms in monopoly

A

one large firm

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Type of product for monopoly (2)

A

unique

no close subsitute

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Monopoly control over price

A

a lot

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Monopoly barriers to entry

A

blocked

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Nonprice competition for monopolies

A

no competition but some public relations advertising

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Examples of monopolies

A

local public utilities (electricity, water)

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Number of firms for monopolistic competition

A

many

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Type of product for monopolistic competition

A

differentiated

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Monopolistic competition control over price

A

some, depends on product differentiation

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Monopolistic competition barriers to entry

A

relatively easy

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Monopolistic competition nonprice competition

A

a lot

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Examples of monopolistic competition (4)

A

restaurants, hotels, pubs, pharmacies

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Number of firms in oligopoly

A

few

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Types of products for oligopolies

A

differentiated

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Oligopoly control over price

A

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

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