Monopoly
Help!
|
|
||||
|---|---|---|---|---|---|
| Barriers to entry | Obstacles that stop new firms entering a market
🗑
|
||||
| X-inefficient | Sometime called organisational slack Not reducing costs to the lowest level – the gap between the actual and lowest possible cost
🗑
|
||||
| Patent laws | A grant of temporary monopoly rights over a new product
🗑
|
||||
| Copyright | Ownership of rights e.g. to a book, giving redress at law for copying by a third party
🗑
|
||||
| Nationalised | Taking a firm/industry into public ownership – owned by the state
🗑
|
||||
| Incumbant | Existing firm(s) in the industry
🗑
|
||||
| Limit pricing | Setting a price so low that other firms will not enter the industry
🗑
|
||||
| Sunk costs | Irretrievable costs that occur when a firm exits an industry
🗑
|
||||
| Legal monopoly | A firm with 25% or more of the market share
🗑
|
||||
| Product differentiation | A way of distinguishing a product from that of competitors
🗑
|
||||
| Marginal cost pricing | Setting the price at the level of marginal cost
🗑
|
||||
| Average cost pricing | Setting the price at the level of average cost
🗑
|
||||
| Dead-weight / welfare loss | Reduction in consumer and producer surplus when output is restricted to less than the optimum level
🗑
|
||||
| Price discrimination | Where an identical good/service is sold to different customers at different prices for reasons not associated with costs
🗑
|
||||
| 1st degree | When the discriminating can charge a separate price to each individual consumer
🗑
|
||||
| 2nd degree | When the discriminating can charge a separate price to different groups of consumers
🗑
|
||||
| 3rd degree | When the discriminating can charge a different price in each country
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
zuigy
Popular Economics sets