Types Of Market Flashcards

1
Q

What is a market?

A

It is where buyers and sellers exchange goods and services

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2
Q

What is a monopoly?

A

A market where there is only one supplier.

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3
Q

What is an oligopoly?

A

A market that is dominated by a small number of large firms.

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4
Q

What is perfect competition?

A

A market where there are thousands of suppliers and none has any power over the market

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