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Imperfect Comp.

QuestionAnswer
Name 6 assumptions underlying imperfect competition Many Buyers. Many Sellers. Product Differentiation occurs. No barriers to industry. Reasonable knowledge of profits. Firms try to maximise profits.
Is SNP earned in imperfect competition in the short run? Yes
Is SNP earned in imperfect competition in the long run? No
Does a firm in imperfect competition make efficient use of scarce resources? No
Where does equilibrium occur? When MC=MR
Name 5 advantages of imperfect competition Competitive markets. Wide choice of goods. Dynamically efficient. Normal profit. Consumer knowledge of prices.
Name 3 disadvantages of imperfect competition Inefficient. Price exceeds MC. Excess capacity
What is the difference between price and non-price competition? In non price competition firms compete by using methods other than changing prices
Created by: JackEatonK98
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