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micro economics > perfect, monopolistic,oligopoly, monoply competition > Flashcards

perfect, monopolistic,oligopoly, monoply competition Flashcards

1
Q

anti competitive behaviour

A

business strategies employed to deliberately limit contesabillity within markets

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2
Q

cartel

A

formed by a group of producers when they illegally decide to collude and not compete

A collusive agreement around. Group of oligopoly firms to fix prices and or output between them selves

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3
Q

collision

A

illegal cooperation between multiple firms forming a cartel

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4
Q

concentrated market

A

a market with very few firms

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5
Q

concentration ratio

A

the total market share of leading firms in an industry, these firms output as a percentage of total output

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6
Q

contestability

A

ease in which consumers can enter a market

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7
Q

consumer surplus

A

difference between price consumers are willing to pay and the price they actually pay

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8
Q

deadweight loss

A

loss of social welfare derived from economic activity

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9
Q

de merger

A

when a firm sells parts of its business to create separate smaller firms

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10
Q

duopoly

A

any market that is dominated by 2 organisations

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11
Q

Dynamic efficiency

A

Improvements to efficiency in the long run, bought about by investment in to R and D

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12
Q

Entry/ exit barrier

A

Making it difficult for firms to enter/ leave the market

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13
Q

Game theory

A

Where there are two or more interacting decision markers and different decisions lead to differing outcomes

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14
Q

Imperfect competition

A

Any market structure between external,eyes of perfect competition and a pure monopoly

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15
Q

Innovation

A

Improving up on an existing product/ process

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16
Q

Interdependence

A

When the actions of one firms influence the actions of other firms in the market

How firms in competitive oligopoly are affected by rival firms pricing and output decisions

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17
Q

Invention

A

Creation of a new product/ process

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18
Q

Kinked demand curve

A

Assume a a business may face a dual demand curve for its profit based on the oligopoly market structure

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19
Q

Limit pricing

A

Lowering the price of a good or service a round AC creating an artificial barrier to entry

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20
Q

Monopoly

A

Market with only one supplier / dominant firm

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21
Q

Monopoly power

A

The ability of a firms to by a price marker rather that a price taker, ability to set prices

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22
Q

Oligopoly

A

Market dominated by few firms

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23
Q

Patent

A

Government legislation protecting a firms right to be the some producer of a good

24
Q

Price leadership

A

The dominant firm in the market sets the price and less dominant firm a alter their price accordingly

25
Q

Price war

A

Where multiple firms current price a each firm trying to under it its competitors and gain market demand

26
Q

Price taker

A

A firm that passively accepts the market price set by forces beyond the firms control

27
Q

Principle a gent problem

A

Those in control of a firm (agents) act in their own best interest rather than of the owners ( principals)

28
Q

Producer surplus

A

Difference between the provides producers are willing to accept and the prices t they actually accept

29
Q

Product differentiation

A

Difference a between multiple similar goods and services

30
Q

Profit maximisation

A

When a firm seeks to make the largest positive difference between total revenue and total costs

31
Q

Pure monopoly

A

Only one firm dominates the market

32
Q

Static efficiency

A

Efficiency in the short run, snapshot of efficiency at. Particular time

33
Q

Perfect competition

A

Marketing structure that has a large number of buyers and sellers in hi have perfect in formation about the market, identical products and few if any barriers to entry

34
Q

Market structure

A

The number and size if firms within. Market did a particular good or service

35
Q

Pure monopoly

A

When only one firm supplies to the market

36
Q

Divorce of ownership from control

A

Separation that exists between owners of the from and directives in large public limited companies

37
Q

Satisficing

A

Making do with a satisfactory subnormal level of profit

38
Q

Static efficiency

A

Efficiency measured at a point in time compromising productive efficiency and allocative effiencency

39
Q

Monopolistic competition

A

A firm of I’m perfect competition with a large number of firms producing slightly differeiated products

40
Q

Oligopoly

A

A market a structure dominated by a small number of powerful firms

41
Q

Tacit collusion

A

A collusive relationship between from a without a t formal agreement having being made

42
Q

Overt collusion

A

A collusive relationship between firms involving an open agreement

43
Q

Prices maker

A

A firm with the power to set the rulling market price

44
Q

Barriers to entry

A

Any feature of a a market that makes it difficult or impossible for more firms to enter

45
Q

Products differentiation

A

Using advertising or products design to make a products seem different from those of competitors

46
Q

Sunk costs

A

Costs that can not easily be recovered if a firm is unsuccessful in a market and has to exit

47
Q

X efficiency

A

The lack of willingness if firm a with monopoly power to control their costs of production

48
Q

Innovation

A

New product and production processes that ire developed into marketable services goods /

49
Q

Natural monopoly

A

A marker where a single firm can benefit from continuous economies of scale

50
Q

Price discrimination

A

Where firms with monopoly power charge different group of consumers different prices for the same product

51
Q

Price competition

A

Reducing the price of a good or service to make it more attractive than those of competitors

52
Q

Non-price competition

A

Competition on the basis uk product features other than price: quality, advertising after sales service

53
Q

Contestable market

A

Market with freedom or-entry exit

54
Q

Hit and run competition

A

In contestable markets where new entrants take a share of the SNP and they exit the industry

55
Q

Hit and run competition

A

In contestable markets where new entrants take a share of the SNP and they exit the industry

micro economics (11 decks)

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