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3 Cards in this Set

  • Front
  • Back


1. Perfect Competition

2. Oligopoly

3. Monopoly

4. Monopolistic Competition

5. Contestable Markets

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

Types of differentiation

1. Physical product differentiation

2. Marketing differentiation

3. Human capital differentiation

4. Distribution differentiation