MARKET STRUCTURE Flashcards by Anna Nicole Yuro

Q

refers to the competitive environment in which buyers and sellers operate.

A

MARKET STRUCTURE

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

implies an ideal situation for the buyers and sellers.

A

➢ PERFECT COMPETITION

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

in other markets, one or more of the assumptions of perfect
competition will not be met;

A

➢ IMPERFECT COMPETITION

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

TYPES OF IMPERFECTLY COMPETITIVE MARKET

A

MONOPOLY

MONOPOLISTIC COMPETITION

OLIGOPOLY

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

exists when a single firm that sells in that market has no close substitutes.

A

MONOPOLY

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

where in products are differentiated and entry and exit
are easy

A

MONOPOLISTIC COMPETITION

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

is a market dominated by a small number of strategically interacting
firms.

A

OLIGOPOLY

How well did you know this?

1

Not at all

2

3

4

5

Perfectly