United 5; Market Structures Flashcards
1
Q
Perfect Competition
A
The most efficient market structure because there are many firms competing.
2
Q
Monopolistic Competition
A
A competitive market structure where the product is differentiated but there are many sellers
3
Q
Oligopoly
A
A less competitive market where a few companies dominate the market
4
Q
Momopoly
A
No competition because one company controls the market
5
Q
Differentiation
A
the process of differentiating
6
Q
Collusion
A
illegal cooperation
7
Q
Public Goods
A
a commodity that is provided without profit to all members of a society
8
Q
A
