Test Revision Part 2 Flashcards
0
Q
Characterisations of an oligopoly.
A
.Several firms in industry
.Advertising and brand names are important
1
Q
Characteristics of monopolistic competition.
A
.Quite a few firms in the industry
.Brand names and product differentiations are important selling items.
2
Q
Characterisations of a Pure monopoly.
A
.One firm in industry with weak competition .Firm often large .Brand name not vital .Difficulty of entry .Firm is price maker.
3
Q
What is the equilibrium price?
A
Equilibrium price is the unique price for a particular good or service that is determined in a market when the quantity demand is exactly equal to the quantity supplied.
4
Q
Anti-competitive behaviour.
A
Price fixing, price discrimination, exclusive dealing, price leadership, market zoning.
