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 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 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 are 5 things that are likely to occur in a oligopolistic market?

What is Overt collusion?

What is the difference between the MAXIMIN strategy and the MAXIMAX strategy?