Types Of Market Flashcards
1
Q
What is a market?
A
It is where buyers and sellers exchange goods.
2
Q
What is a monopoly?
A
A market where there is only one supplier.
3
Q
What is an oligopoly?
A
A market that is dominated by a small number of large firms.
4
Q
What is perfect competition?
A
A market where there are thousands of suppliers and none has any power over the market.
