A level Economics (Unit 3) Flashcards on Market Structures, created by Sophie Knight on 11/12/2016.
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Created by Sophie Knight
over 7 years ago
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Created by Sophie Knight
over 7 years ago
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Define monopolistic competition
Give 4 examples of monopolistic competition
How efficient are firms in monopolistic competition?
What happens in the long run firms operating in monopolistic competition?
What are the 5 characteristics of a monopoly?
What are the 4 main disadvantages of a monopoly?
What are the 4 main benefits of monopolies?
What are the 2 costs to firms of being a monopoly?
What are the 3 benefits to firms of being a monopoly?
What are the 4 costs to the consumer of a monopoly market?
What are the 3 benefits to the consumer of a monopoly market?
If a monopolist faces a decrease in demand, other things remaining equal, what will happen to price, profit and output?
Define price discrimination
What are the 3 conditions needed for price discrimination to be possible?
What are the 5 benefits of price discrimination?
What are the 3 costs of price discrimination for the firm?
What are the 3 costs of price discrimination for the consumer?
What is a monopsony?
Give 7 examples of barriers to entry
What is market concentration?
What is an oligopoly?
What are 4 of the main characteristics of an oligopoly?
What are 5 things that are likely to occur in a oligopolistic market?
What is Collusion?
What is Overt collusion?
What is Tacit Collusion?
What is the Kinked demand theory?
What are 8 conditions that result in a successful cartel?
What is Game theory?
What is the prisoners dilemma?
What is the difference between the MAXIMIN strategy and the MAXIMAX strategy?
Name 4 advantages of being the first mover in an industry
What is allocative efficiency?
What is productive efficiency?
What is dynamic Efficiency?
Describe X-efficiency
What is perfect competition?
