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Economics Micro > Topic 12 Market Structure > Flashcards

Topic 12 Market Structure Flashcards

1
Q

What is meant by the structure of a market

A

Number of firms
Product
Barriers to entry
Costs
Objectives
Information

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2
Q

Performance indicators

A

Profit-
•normal profits AR=ATC
•supernormal or abnormal profits AR>ATC
•size of profits ( comparison with other firms)

Efficiency
•allocative efficiency
•productive efficiency
•dynamic efficiency

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3
Q

Definition of perfect competition

A

Perfect competition is a form of market structure that sit on the extreme end of competitors

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4
Q

Is there a large amount of firms

A

Yes all have little market share less than 1%

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5
Q

Are the products unique

A

No the products are homogeneous and identical

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Economics Micro (4 decks)

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