Perfect Competition & Monopoly
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Last updated 6:43 PM on 4/17/25
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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
8
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Monopoly making a profit
Note 
Flashcards (69)