Market types of competition Flashcards
1
Q
What are the 4 types of markets in terms of competition
A
Monopoly, Oligopoly, Monopolistic competition, Perfect competition
2
Q
What are the characteristics of a monopoly
A
A single producer in the market having majority control over the market (characterised as 25% or more is monopoly power)
3
Q
What are the characteristics of an oligopoly
A
Where there are many businesses in the market but only a few dominate the majority of the market
4
Q
What are the characteristics of monopolistic competition
A
When a large number of relatively small businesses are in competition with each other
