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Microeconomics > Market Structure > Flashcards

Market Structure Flashcards

1
Q

Bilateral monopoly

A

Trade union (single seller)
One buyer monopsony

Of labour

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2
Q

Perfect competition efficiency

A

Productive efficiency
Allocative efficiency

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3
Q

Advantages of monopolistic competition

A

Differentiated products increased choice
Dynamic efficiency as firms want to stay differentiated (innovation)
Low barriers to entry

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4
Q

Disadvantage of monopolistic competition

A

Brand loyalty can develop creating high barriers to entry
Allocative inefficient in SR
Waste generated due to forced differentiation

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5
Q

Predatory pricing

A

Firm sells good or service below cost curve to force rival firms out of business

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6
Q

Types of collusion

A

Tacit - verbal agreement or no formal and legal evidence

Overt / non tacit - legally agree to collude

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Microeconomics (12 decks)

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