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Perfect competition, imperfectly competitive markets and monopoly

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

By: Elizabeth Akidi
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Decks in this class (11)

Market Structures
State the 5 market structures,
State the 4 main features that ea...
2  cards
The objectives of firms
Who can the decisions of the owne...,
Who are shareholders state what s...,
State what shareholders get when ...
28  cards
Perfect Comepitition
State the 4 characteristics of a ...,
Are firms price takers in a perfe...,
Why does a perfectly competitive ...
9  cards
Monopolistic competition
State the 3 features of monopolis...,
What is happening to profit withi...,
State what will happen to profit ...
5  cards
Oligopoly
State the characteristics of an o...,
Define concentration ratio,
If the concentration ratio is hig...
28  cards
Monopoly and monopoly power
What is a monopoly,
Define pure monopoly,
What is considered a legal monopo...
26  cards
Price discrimination
Define price discrimination,
State the three conditions necess...,
Conditions for price discriminati...
10  cards
The dynamics of competition and competitive market processes
State 3 non price factors firms m...,
What type of efficiency is most l...,
What type of efficiency is most l...
3  cards
Contestable and non-contestable markets
Define competition within a market,
State what happens when there is ...,
Are there high barriers to entry ...
7  cards
Market structure, static efficiency, dynamic efficiency and resource allocation
What do economists use to determi...,
State the 4 types of efficiency,
Define productive efficiency and ...
7  cards
Consumer and producer surplus
What is the marginal benefit curv...,
What is consumers surplus,
What is the law of diminishing ut...
12  cards

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Perfect competition, imperfectly competitive markets and monopoly

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