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Flashcards on Economics: Market Structures
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What is a monopoly?
A market structure with a single seller and no close substitutes.
What is perfect competition?
A market structure with many sellers and buyers, identical products, and easy entry and exit.
What is monopolistic competition?
A market structure with many sellers, differentiated products, and easy entry and exit.
What is an oligopoly?
A market structure with few large sellers, differentiated or identical products, and significant barriers to entry.
What is market power?
Ability of a firm or group of firms to influence the market price and quantity of a good or service.
What is price discrimination?
Charging different prices to different customers for the same product or service.
What are barriers to entry?
Obstacles that make it difficult for new firms to enter a market.
What is product differentiation?
Process of distinguishing a product or service from others in the market.
What is market share?
Percentage of total sales in a market that a firm or brand controls.
What is a barrier to exit?
Obstacle that makes it difficult for a firm to leave a market.
What is collusion?
An agreement between firms to manipulate prices, production, or other market conditions.
What is a natural monopoly?
A monopoly that occurs when there are economies of scale over the entire range of market demand.
What is a duopoly?
A market structure with two dominant sellers.
What is market concentration?
Extent to which a few large firms dominate a market.
What is a cartel?
A group of firms that collude to reduce competition and increase their joint profits.
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Test Your Knowledge
Which market structure has many sellers and buyers, identical products, and easy entry and exit?
Oligopoly
Perfect competition
Monopoly
Monopolistic competition
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What type of market structure has few large sellers, differentiated or identical products, and significant barriers to entry?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
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What term refers to the ability of a firm or group of firms to influence the market price and quantity of a good or service?
Market power
Market share
Price discrimination
Barriers to entry
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Which market structure is characterized by a single seller and no close substitutes?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
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What does price discrimination refer to?
Charging the same price to all customers
Charging different prices to different customers for the same product or service
Changing prices frequently based on market conditions
Giving discounts to loyal customers
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What are barriers to entry?
A company's annual revenue
Obstacles that make it difficult for new firms to enter a market
The number of employees in a company
The size of a company's market share
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What is product differentiation?
Process of distinguishing a product or service from others in the market
Determining the cost of producing a product
Choosing the right price for a product
Calculating a company's profit margin
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What term refers to the percentage of total sales in a market that a firm or brand controls?
Market power
Market share
Price discrimination
Barriers to entry
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What is a cartel?
A market structure with many sellers and buyers, identical products, and easy entry and exit
A group of firms that collude to reduce competition and increase their joint profits
A monopoly with no close substitutes
A market structure with two dominant sellers
Check Answers
What term refers to the extent to which a few large firms dominate a market?
Market power
Market share
Price discrimination
Market concentration
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