types of compeition Flashcards
1
Q
what are the 3 types of comeptition
A
perfect
oligopoly
monopoly
2
Q
perfect competition
A
where they all compete on equal basis, lots of frims
products are prety much identical and all charge cimilar proces
busienss would need to keep cost low to keep prices ow
would also need to assure qaulity is kept high to keep good level of demand
3
Q
opilogoy compeittion
A
where small number of large firms domicate makret charging similar prices
4
Q
monoploy compeittion
A
where one business has complete control over its makret
theres NO compeition
can increase its prices without too much concern
