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Economics > Material After 2nd Midterm > Flashcards

Material After 2nd Midterm Flashcards

1
Q

What does market structure refer to?

A

Degree of competitiveness in the market for a commodity

How many firms? What degree of control do they have on prices

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2
Q

“market”

A

Defined by particular kind of product or service

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3
Q

What is the measure of market power?

A

Concentration Ratio, HHI

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4
Q

What are the characteristics of a perfectly competitive market?

A
  1. -many firms selling identical products
  2. no restrictions on entry or exit
  3. established firms have no advantage over new ones
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Economics (9 decks)

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