Competition and Market Structure (182-189)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Market classification according to number and size of firms, type of product, and type of competition; nature and degree of competition among firms in the same industry.
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| show | A theoretical market structure that requires three major conditions: very large numbers of buyers and sellers identical products, and freedom of entry and exit.
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| show | Group of firms producing similar or identical products
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| Perfect Competition | show 🗑
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| show | Market structure having all conditions of pure competition expect for identical products; a form of imperfect competition
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| show | Real or imagined difference between competing products in the same industry
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| show | Competition based on a product's appearance, quality, or design, rather than its price
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| show | Market structure in which a few large sellers dominate the market and have the ability t affect prices in the industry; form of imperfect competition
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| Collusion | show 🗑
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| Price-fixing | show 🗑
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| show | Market structure characterized by a single producer; form of imperfect condition
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| show | Philosophy that government should not interfere with business activity
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| Natural Monopoly | show 🗑
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| Geographic Monopoly | show 🗑
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| Technological Monopoly | show 🗑
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| show | Monopoly created and/or owned by the government
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Created by:
snufkin