"Introduction to the Four Market Models"
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9 Terms
What market model has the easiest conditions for entry and exit?
Perfect competition - (¿A.R?)
What is a characteristic of a perfectly competitive market?
Products being standardized or homogeneous - (¿A.R?)
What is not a market structure in economics?
Free enterprise
What is an example of a standardized or homogeneous product?
Potatoes - (¿A.R?)
What type of market has the largest number of firms?
Perfect competition - (¿A.R?)
A(n) ____ is a market in which there are many buyers and sellers of a differentiated product, there are no barriers to entry, and firms have a slight degree of market power.
monopolistic competition - (¿A.R?)
There are ____ common barriers to entry.
three - (¿A.R?)
What is an example of a legal barrier to entry?
Patents - (¿A.R?)
Economics of ____ happen when the average cost of producing a good is lower when more of a good is produced.
scale - (¿A.R?)