The 4 market structures Flashcards

1
Q

Perfect competition

A

A market structure in which a large number of firms all produce the same product it must accept the quilibrium price at which it sells the good.

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1
Q

Monopolistic competition

A

Many companies selling similar but not identical products firms determine the pricing, supply and demand forces do not dictate pricing

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2
Q

Oligopoly

A

Limited competition; market share by a small amount of producers and sellers. Under the leadership of one firm.

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3
Q

Monopoly

A

COMPLETE control of a product or service

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4
Q

Market curves vs individual firm curves

A

Market curves: the sum of the individual demand curve in a given market

Individual firm: Shows how much output a firm in a perfectly competitive market will supply at any given price

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5
Q

Antitrust regulation

A

Laws that define monopolies and give government the power to control them and break them up
Ex: Amazon, google, Facebook
All facing antitrust charges because the government says that they have monopoly,
Market structure is competitive, those companies do not have competition.

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6
Q
A
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