4 market models

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Microeconomics

Last updated 8:33 AM on 10/24/23
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4 Terms

1
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pure competition

  • large # of firms

  • standardized product

  • ez entry/exit

  • individ. seller no control over price

  • nonprice competition: X

2
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pure monopoly

  • one firm sells unique product

  • entry blocked

  • considerable control over price

  • nonprice competition: may or may not be found

    • mostly public relations adveritising

3
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oligopoly

  • dominated by few firms

  • either standardized or differentiated products

  • limited control over product price bc of mutual interdependence

  • nonprice competition: typically

4
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monopolistic competition

  • many firms sell differentiated product

  • relatively ez entry

  • some, but limited control over price

  • nonprice competition: considerable

    • advertising

    • brand names

    • trademarks