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5 Cards in this Set
- Front
- Back
Types of market structures |
1. Perfect Competition 2. Monopolistic Competition 3. Oligopoly 4. Monopoly |
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3 ways to identify/talk about them |
1. Characteristics 2. Behaviour 3. Performance |
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Characteristics |
1. Number of consumers/producers 2. Barriers to entry/exit 3. Nature of product (homogenous/ differentiated) 4. Nature of profit earned/price maker or taker |
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Behaviour |
1. SR/LR Profits --> Pricing + O/P decisions 2. Shut down condition 3. Price / non-price competition |
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Performance |
Efficiency: Allocative/Productive/Dynamic Advantages + Disadvantages |