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Competition

memorize.ai (lvl 286)

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7 cards

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Section 1

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Monopoly

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (7)

Section 1

(7 cards)

Monopoly

Front

A market in which there are many buyers but only one seller.

Back

Perfect competition

Front

a market structure in which a large number of firms all produce the same product

Back

perfectly competitive market

Front

A market that meets the conditions of (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.

Back

Duopoly

Front

an oligopoly consisting of only two firms

Back

imperfect competition

Front

a market structure with some but not all of the conditions of perfect competition e.g. monopolies, monopolistic competition, and oligopolies

Back

Oligopoly

Front

A market structure in which a few large firms dominate a market

Back

monopolistic competition

Front

a market structure in which many companies sell products that are similar but not identical

Back