Perfect Competition & Monopoly

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8 Terms

1
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Perfect Competition

Many Buyers and Sellers

Selling identical products & services

Perfect Information

No barriers to entry or exit

Price takers

2
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Price takers

Firms take the equilibrium price at which it sells goods because it can’t change the price

3
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Monopoly

One large firm that is the market

4
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Monopoly Characteristics

Unique products or services

High barriers to entry or exit

Price makers

Some advertising

5
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Perfect competition market making a profit

6
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Perfect competition making a loss

7
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Monopoly making a loss

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Monopoly making a profit