2.5.3 The competitive environment Flashcards by Yusif Algurair | Brainscape

Q

What is a monopoly?

1

A

Single business that dominates supply in market

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Q

Why is a monopoly bad for consumers?

3

A

Little choice
^Prices
No incentive for dominant firm to innovate

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Q

What is an oligopoly?

1

A

A market dominated by a few major suppliers

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