Market Structures Characteristics Flashcards
0
Q
Monopolistic Competition Number of firms Type of Product Ease of Entry Eg.
A
Many
Differentiated, close sub
High
Selling DVDs n restaurants
1
Q
Perfect competition Number of firms Type of Product Ease of Entry Aims Eg.
A
Many Identical High Firms seek to maximise profit while consumers aim to maximise utility Wheat, apple
2
Q
Oligopoly Number of firms Type of Product Ease of Entry Eg.
A
Few
Identical
Low
Banking and Manufacturing
3
Q
Monopoly Number of firms Type of Product Ease of Entry Aims Eg.
A
One Unique, no close sub Entry blocked Aims to maximise profits WaterCorp and post office
