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11 Cards in this Set
- Front
- Back
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Market Structure |
The features that determine the performance and behaivour of firms in the industry. |
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Types of Market Structure |
Monopoly Oligopoly Monopolistic Competition Perfect Competition |
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Monopoly |
There is only one seller and many buyers. |
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Oligopoly |
Few firms competing in the market. |
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Monopolistic Competition |
Competition among many firms. |
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Perfect Competition |
Many sellers and many buyers, producing a homogenous product. |
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Examples of a Monopoly |
NAWASA GRENLEC |
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Examples of a Oligopoly |
FLOW Digicel |
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Examples of Monopolistic Competition |
Supermarkets Car dealorships Restaurants |
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Example of Perfect Competition |
Gas Station Stock Exchange Buses |
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Features of Perfect Competition |
Perfect Knowledge Firm is a price taker Freedom of entry + exit |
