Monopoly and Oligopoly Flashcards
1
Q
Monopoly definition
A
Where there is only one supplier to a market
2
Q
Features of a firm without competition
A
- The government may intervene to create competition.
- Prices will be higher.
Less products will be produced.
- Prices will be higher.
3
Q
Define a natural monopoly
A
Where one firm can supply the entire market at a lower cost than if there were several firms.
4
Q
Barriers to entry
A
5
Q
Barriers to entry
A
