Competitive Market Flashcards

1
Q

Features of a competitive market

A

Large number of buyer & sellers
Low barriers to entry
Firm has no control over price changed
Free flow for information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Effect of competition on consumers

A

Low prices
Better quality products
More choices
Lack of innovation
Market uncertainty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly