Product Markets
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Last updated 7:35 PM on 1/15/23
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6 Terms
1
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Monopolistic competition
a market structure characterized by many medium sized firms who are innovative and differentiate their products in both price and non price ways
2
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Monopoly
one firm that constitutes the entire industry selling a product, for there are no close substitutes
3
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Oligopoly
a market structure characterized by few sellers that are interdependent of each other to create control over price markets
4
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Perfect Competition
a market structure characterized by a large number of sellers with a homogenous product, infinitely elastic demand for firms, and no price takers
5
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Price takers
cannot control the price of their goods because they don’t have enough market power and must accept the market price
6
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Price makers
can control and manipulate markets by charging prices that is in excess of marginal costs to maximize profits
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Flashcards (46)