Market structures Flashcards
1
Q
Define Market structures
A
are the level of competitiveness in the industry.
2
Q
Define perfect competition
A
is a market structure in which there are many buyers and many sellers producing a homogenous product
3
Q
Define monopolisitic competition
A
produces a product that is somewhat different from those of other firms and firms engage in non price competition.
4
Q
Monopoly
A
is a market where there is only one seller and there are many buyers of a service not offered by anyone else.