Understanding Market Structure Flashcards
1
Q
Organizational & other characteristics of a market
Determines the behaviour of firms & consumers in the market
A
Market Structure
2
Q
Agricultural Markets
Has many sellers & Buyers
Homogenenous Products
Free Entry & Exit
A
Perfect Competition
3
Q
Easy exit & entry
many sellers
differentiated products
SOME control over prices
A
Monopolistic Competition
4
Q
Entry & exit is difficult
Many sellers
SIMILAR productd
price is BASED on competition
A
Oligopoly
5
Q
High barriers to entry
single seller
price maker
unique product with no close subtitutes
A
Monopoly
