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Micro econ > Microecon Week 10 > Flashcards

Microecon Week 10 Flashcards

1
Q

Under perfect competition, what is the theoretical ideal?

A
  • Free entry and exit of the market

- Many tiny firms

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2
Q

Under a monopoly, what is the theoretical idea?

A
  • Single firm
  • Barriers to entry
  • Can set the market price
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3
Q

Patents/copyrights, exclusive franchises/licenses and government support for a firm (nationalisation) are all example of what?

A

Legal barriers to entry

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4
Q

The practise of firms offering different prices to different consumers for the same product is known as?

A

Price discrimination

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5
Q

Offering a single price for a good for all consumers is known as? (An alternative to price discrimination)

A

Uniform pricing

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6
Q

What is first degree price discrimination?

A

Individual based price discrimination

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7
Q

What is second degree price discrimination?

A

Self-selection: differentiates prices based on quality and quantity

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8
Q

What is third degree price discrimination?

A

Group-based price discrimination

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Micro econ (10 decks)

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