Oploes Flashcards
1
Q
Monopoly
A
Single seller in a market
2
Q
Monopolistic competition
A
Many firms sell close substitutes in a relatively easy to enter market
3
Q
Oligopoly
A
Multiple monopolies
4
Q
Perfect competition
A
In economic theory, perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barrier, buyers have perfect or full information, and companies cannot determine prices.
