Matket Structures

Question 1

Whats a market

Answer 1

Any situation where buyers and sellers are in contact yo establish a pirce

Question 2

What are the advantages of a physical market for a customer

Answer 2

Able to see the product and feel quality
Able to ask for help or advice
Experience of shopping

Question 3

What are the advantages of a physical market for the buyer

Answer 3

Able to see the product and feel quality
Able to ask for help or advice
Experience of shopping

Question 4

What are the disadvantages of a physical market for the buyer

Answer 4

Less choice or variety
May have to travel
Shops close and may not be available all the time

Question 5

What are the advantages of a non physical market for the buyer

Answer 5

Convenience with not having to move
Open all the time

Question 6

What sre the disadvantages of a non physical market for the buyer

Answer 6

No experience involved
Can’t see of feel product
May have to wait and pay for delivery

Question 7

What are the advantages of a physical market for the seller

Answer 7

Able to persuade customers to buy more
No time or money spent on delivery

Question 8

What are the disadvantages of a physical market for the seller

Answer 8

Bills associated with a physical store- rent - electricity
Staff need to be payed

Question 9

What are the advantages of a non ‘physical market for the seller

Answer 9

Less overhead
Advertisements are further reaching

Question 10

What are the advantages of a non ‘physical market for the seller

Answer 10

Less overhead
Advertisements are further reaching

Question 11

What are the disadvantages for a non physical market for the seller

Answer 11

Pay for website upkeep

Question 12

What is a competitive market

Answer 12

A market with large numbers of competitors producing a similar product or service

Question 13

What do businesses in the competitive market compete on

Answer 13

Businesses in the competitive market compete on price

Question 14

How much ability do firms in a competitive market have in controlling price

Answer 14

None- they compete on price

Question 15

What are the barriers to entry in a competitive market

Answer 15

None- minimal barriers to entry

Question 16

What are the barriers to entry in a competitive market

Answer 16

None- minimal barriers to entry

Question 17

How many firms are in a competitive market

Answer 17

A large number of firms

Question 18

How many firms are in a competitive market

Answer 18

A large number of firms

Question 19

How much product differentiation I’d there in a competitive market with some examples

Answer 19

Very little - almost identical products

Farm and dairy

Question 20

What is a monopoly

Answer 20

When one company dominates the whole market - 25 percent or more

Question 21

What is a monopoly

Answer 21

When one company dominates the whole market - 25 percent or more

Question 22

How much ability does a monopoly have on controlling price

Answer 22

High ability to control price as they can set market price

Question 23

How much ability does a monopoly have on controlling price

Answer 23

High ability to control price as they can set market price

Question 24

What’s the disadvantages of a monopoly

Answer 24

Little innovation or incentive to provide good quality services

Question 25

What's the disadvantages of a monopoly

Answer 25

Little innovation or incentive to provide good quality services

Question 26

What are the barriers to entry in a monopoly

Answer 26

The barriers to entry are subject to government regulation

Question 27

What are examples of a firm in a momopoly

Answer 27

Gas , oil

Question 28

What are examples of a firm in a momopoly

Answer 28

Gas , oil

Question 29

What's a monopolistic competition market

Answer 29

Where there are many firms - each of whom provide a slightly different product

Question 30

What is the firms ability to control price in a monopolistic competition market

Answer 30

There is limited ability to control price

Question 31

What are rhe barriers to entry in a monopolistic competition market

Answer 31

Limited barriers to entry like economies of scale

Question 32

What are rhe barriers to entry in a monopolistic competition market

Answer 32

Limited barriers to entry like economies of scale

Question 33

How much product differentiation if there in a monopolistic competition market

Answer 33

There is little product differentiation with an emphasis on showing perceived differences such as designs on a t shirt

Question 34

What is an oligopoly

Answer 34

Where few large firms dominated the market

Question 35

What is an oligopoly

Answer 35

Where few large firms dominated the market

Question 36

What is the firms ability to control price in an oligopolistic market

Answer 36

The firms have some ability yo control price in an oligopolistic market

Question 37

What is the firms ability to control price in an oligopolistic market

Answer 37

The firms have some ability yo control price in an oligopolistic market

Question 38

How many barriers to entry are there in an oligopolistic market

Answer 38

There are many barriers to entry in an oligopolistic market

Question 39

How many barriers to entry are there in an oligopolistic market

Answer 39

There are many barriers to entry in an oligopolistic market

Question 40

How much product differentiation are there in oligopolistic markets

Answer 40

There is some differences in products in oligopolistic markets

Question 41

How much product differentiation are there in oligopolistic markets

Answer 41

There is some differences in products in oligopolistic markets