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5 perfect competition, imperfectly competitive markets and monopoly

This class was created by Brainscape user Lucas Watts. Visit their profile to learn more about the creator.

By: Lucas Watts
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Decks in this class (12)

5.1 Market structures
What is the definition of a marke...,
What features do we look at to de...,
Name the spectrum of competition ...
8  cards
5.2 The objectives of firms
What is the traditional economic ...,
What is the condition for how do ...,
Why are the advantages of profit ...
18  cards
5.3 Perfect competition
Is perfect competition a theroati...,
What are the characteristics of a...,
What profit can only be made in t...
12  cards
5.4 Monopoly and monopoly power
What is the definition of a monopoly,
What are the characteristics of a...,
What is monopoly power
9  cards
5.5 advantages and disadvantages of monopoly
What are the disadvantages of mon...,
What are the pros of monopolies
2  cards
5.6 monopolistic competition
What is monopolistic competition,
What are the characteristics of m...,
Examples of markets that examine ...
11  cards
5.7 Oligopoly
What are the features in an oligo...,
What are the assumptions made abo...,
What diagram can be used to illus...
19  cards
5.8 Price discrimination
Definition of price discrimination,
What conditions are required in o...,
What are the types of price discr...
8  cards
5.9 the dynamics of competition and competitive market processes
Pros of competitive markets,
Disadvanatages with competitive m...,
Evaluation of the pros and cons o...
3  cards
5.10 contestable and non- contestable markets
D,
Dd,
Features of contestable market
8  cards
5.11 Business efficiency
What are the 4 types of efficiency,
Definition of allocative efficency,
What are 3 ways in which allocati...
19  cards
5.12 Consumer and producer surplus
Why is welfare surplus analysis i...,
What is consumer surplus,
What is producer surplus
3  cards

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5 perfect competition, imperfectly competitive markets and monopoly

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