Section 1 Flashcards
(5 cards)
0
Q
Perfect Competition
A
Is the ideal model of a market economy.
1
Q
Market Structure
A
Is an economic model of competition among businesses in the same industry.
2
Q
Standardized product
A
Is one that consumers see as identical regardless of producer.
3
Q
Price taker
A
Is a business that accepts the market price determined by supply and demand.
4
Q
Imperfect competition
A
Occurs in markets that have few sellers or products that are not standardized.
