Market structure Flashcards
Definitions
1
Q
Perfect competition
A
An ideal market structure where firms offer the same product
2
Q
Monopolistic or imperfect competition
A
Many producers in a competitive market selling similiar but not identical goods
3
Q
Oligopoly
A
Market where the industry is dominated by small numbers of sellers e.g supermarkets
4
Q
Monopoly
A
Only one seller and the company and its products dominate a sector or an industry, controlling prices and market supply
5
Q
Deregulation
A
Removel of government controls
6
Q
Privatisation
A
Transfer of ownership of business or services from the public sector to the private sector
7
Q
HHI
A
Measures of market concentration. used to measure the level of competition in an industry
8
Q
A
