Flashcards on Market Structures

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What are market structures?

Market structures refer to the different types of markets that exist based on the nature of competition and the number of buyers and sellers.

What are the four main types of market structures?

The four main types of market structures are perfect competition, monopolistic competition, oligopoly, and monopoly.

What is perfect competition?

Perfect competition is a market structure characterized by a large number of buyers and sellers, identical products, easy entry and exit, and perfect information.

What is monopolistic competition?

Monopolistic competition is a market structure characterized by a large number of buyers and sellers, differentiated products, easy entry and exit, and imperfect information.

What is an oligopoly?

Oligopoly is a market structure characterized by a few dominant firms, differentiated or homogeneous products, high barriers to entry, and interdependence among firms.

What is a monopoly?

A monopoly is a market structure characterized by a single seller or producer, no close substitutes, high barriers to entry, and significant market power.

What is price competition?

Price competition is a form of competition among firms in which they try to gain customers by offering lower prices for their products.

What is non-price competition?

Non-price competition is a form of competition among firms in which they focus on factors other than price, such as product differentiation, advertising, customer service, etc.

What are barriers to entry?

Barriers to entry are obstacles that make it difficult for new firms to enter a market, such as high start-up costs, patents, licenses, etc.

What is the role of government in market structures?

The government plays a role in market structures by regulating competition, preventing monopolies, protecting consumers, and promoting fair trade practices.

What are the advantages of perfect competition?

The advantages of perfect competition include lower prices for consumers, increased choice and variety of products, and efficient allocation of resources.

What are the advantages of monopolistic competition?

The advantages of monopolistic competition include product differentiation, innovation, and freedom for firms to set prices.

What are the advantages of oligopoly?

The advantages of oligopoly include economies of scale, product differentiation, and potential for high profits.

What are the advantages of monopoly?

The advantages of monopoly include the ability to set higher prices, higher profits for the monopolist, and potential for innovation.

What are the disadvantages of perfect competition?

The disadvantages of perfect competition include low profit margins for firms, lack of product differentiation, and potential for market instability.

What are the disadvantages of monopolistic competition?

The disadvantages of monopolistic competition include less choice for consumers, potential for price manipulation, and inefficiency due to excess product differentiation.

What are market structures?

Market structures refer to the different types of markets that exist based on the nature of competition and the number of buyers and sellers.

What are the four main types of market structures?

The four main types of market structures are perfect competition, monopolistic competition, oligopoly, and monopoly.

What is perfect competition?

Perfect competition is a market structure characterized by a large number of buyers and sellers, identical products, easy entry and exit, and perfect information.

What is monopolistic competition?

Monopolistic competition is a market structure characterized by a large number of buyers and sellers, differentiated products, easy entry and exit, and imperfect information.

What is an oligopoly?

Oligopoly is a market structure characterized by a few dominant firms, differentiated or homogeneous products, high barriers to entry, and interdependence among firms.

What is a monopoly?

A monopoly is a market structure characterized by a single seller or producer, no close substitutes, high barriers to entry, and significant market power.

What is price competition?

Price competition is a form of competition among firms in which they try to gain customers by offering lower prices for their products.

What is non-price competition?

Non-price competition is a form of competition among firms in which they focus on factors other than price, such as product differentiation, advertising, customer service, etc.

What are barriers to entry?

Barriers to entry are obstacles that make it difficult for new firms to enter a market, such as high start-up costs, patents, licenses, etc.

What is the role of government in market structures?

The government plays a role in market structures by regulating competition, preventing monopolies, protecting consumers, and promoting fair trade practices.

What are the advantages of perfect competition?

The advantages of perfect competition include lower prices for consumers, increased choice and variety of products, and efficient allocation of resources.

What are the advantages of monopolistic competition?

The advantages of monopolistic competition include product differentiation, innovation, and freedom for firms to set prices.

What are the advantages of oligopoly?

The advantages of oligopoly include economies of scale, product differentiation, and potential for high profits.

What are the advantages of monopoly?

The advantages of monopoly include the ability to set higher prices, higher profits for the monopolist, and potential for innovation.

What are the disadvantages of perfect competition?

The disadvantages of perfect competition include low profit margins for firms, lack of product differentiation, and potential for market instability.

What are the disadvantages of monopolistic competition?

The disadvantages of monopolistic competition include less choice for consumers, potential for price manipulation, and inefficiency due to excess product differentiation.

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