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memorize.ai (lvl 286)

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Section 1

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characteristics of monopolistic competition

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6 years ago

Date created

Mar 1, 2020

Cards (10)

Section 1

(10 cards)

characteristics of monopolistic competition

Front

little price difference between products, few barriers for market entry or exit, producers have a degree of control

Back

profit motive

Front

individuals willing to give up some factor of production for financial gain; the reason people go into business

Back

monopolistic competition

Front

many companies compete with similar products, no one has total control

Back

non profit

Front

organizations that benefit society rather than make money (administrative fees from donations pay salaries/expenses)

Back

how corporations become monopolies

Front

merging (buying similar companies) and conglomerating (buying other companies that produce capital goods)

Back

consumer sovereignty

Front

the customer always decides what is produced

Back

pure competition

Front

no one group controls the market, no barriers for market entry

Back

free enterprise

Front

free trade, capitalism, market-driven economy

Back

oligopoly

Front

few companies compete with similar products, one company can greatly impact the market

Back

monopoly

Front

one company controls the market (illegal in US unless government regulated); anti-trust laws prevent them

Back