Chapter 6 Flashcards
(9 cards)
1
Q
Price taker
A
a firm in a perfectly competitive market which cannot directly influence price
2
Q
Price maker
A
a firm in a monopoly market which sets its desired price
3
Q
Price shaper
A
a firm in an oligopoly or imperfectly competitive market which may seek to influence price
4
Q
Perfect competition
A
many buyers and sellers, homogeneous products, freedom of entry and exit to market
5
Q
Monopoly
A
one seller, barriers to entry
6
Q
Oligopoly
A
a small number of powerful sellers
7
Q
Monopolistic competition
A
many buyers and sellers, freedom of entry and exit, products differentiated
8
Q
Product differentiation
A
real or notional differences between products of competing firms
9
Q
Price discrimination
A
selling the same product at different prices to different market segments
