Part 1.3: Perfect competition, imperfectly competitive markets and monopoly

Market structure

Entry barriers

Exit barriers

Natural barriers

Sunk costs

Artificial barriers

Limit prices

Predatory prices

Product differentiation

Divorce of ownership from control

Satisficing

Monopoly

Static efficiency

Dynamic efficiency

Productive efficiency

Allocative efficiency

Private costs and benefits

Social costs and benefits

Monopoly power

Concentration ratio

Market conduct

Cartel

Price leadership

Price agreement

Price war

Price discrimination

Consumer surplus

Producer surplus

Contestable market

Hit-and-run competition

Deadweight loss