Types Of Market Flashcards
1
Q
What is a competitive market?
A
A market in which there are a large number of sellers. Businesses in these markets main,y compete on price
2
Q
What’s a monopoly market
A
A market dominated by one seller (100% of market)
3
Q
What did the CMA Change a monopoly market to?
A
Owning 25% or more of the market
4
Q
What’s an oligopoly?
A
A market dominated by a few sellers. They compete on non-priced differences.
5
Q
What is collusion?
A
When two or more businesses act together to influence production, price levels, thus preventing fair competition. This is illegal.
6
Q
What is anti competitive behaviour?
A
Strategies designed to limit the degree of competition within a market.
