Market Structure Flashcards
1
Q
Monopoly
A
The firm is the industry
2
Q
Oligopoly
A
competition amongst the few
3
Q
Monopolistic competition
A
Comp. amongst many firms
4
Q
Perfect comp.
A
many buyers and many sellers
5
Q
What is a market structure
A
The features that determine the behaviors and performance of firms in the industry. In the economy, there are many different types of firms each producing different products
6
Q
How many main market structures are there
A
four
7
Q
List the two extremes
A
Monopoly- where there is no competition as the firm is the industry
Perfect competition- total competition in the market
8
Q
What is between the two extremes, describe it
A
-The oligopoly, where is some competition amongst firms
-Monopolistic competition where there is even more competition than oligopoly
