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Economics > Monoplies > Flashcards

Monoplies Flashcards

1
Q

Types of Monopolies (5)

A

Pure: 100% MS
Dominant: 45% MS
Working: 25% MS
Duopoly: 2 firms dominate the market
Oligopoly: few firms dominate the market

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2
Q

Causes of Monopolies (5)

A

Mergers or takeovers
Exclusive ownership of recourse
Government give status
Advantage of first mover

Copyright or patents

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3
Q

Types of Barriers protecting monopolies (barriers to entry) (3)

A

Structural (Natural) barriers
Strategic barriers
Statutory barriers

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4
Q

Structural (Natural) Barriers (3)

A

Economies of scale
Integration
Sunk costs

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5
Q

Strategic barriers (3)

A

Marketing
Differentiation
Takeovers

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6
Q

Statutory barriers (3)

A

Patents
Copyright
Trademark

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7
Q

Advantages of Monopolies (4)

A

Profits fund innovation
Ability to compete internationally
CMA can regulate
EOS: lower prices for consumers

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8
Q

Disadvantages of monopolies (4)

A

Service
Price
Efficiency
Welfare

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Economics (42 decks)

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