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3 Cards in this Set
- Front
- Back
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Types |
1. Perfect Competition 2. Oligopoly 3. Monopoly 4. Monopolistic Competition 5. Contestable Markets |
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Determining Profit |
1. Perfect Competition: the firm is making abnormal profits because the firm produces output during the short run that generates the maximum economic profit 2. Monopoly: when a firm with market control is able to set prices that exceed average total cost 3. Monopolistic Competition: when new firms enter the market driving prices down there is the ability for supernormal profit |
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Types of differentiation |
1. Physical product differentiation 2. Marketing differentiation 3. Human capital differentiation 4. Distribution differentiation |
