Monopoly - Types of market structure
8 important questions on Monopoly - Types of market structure
What are the four models of market structure?
- Perfect competition
- monopoly
- oligopoly
- monopolistic competition
What 2 dimensions are the system of market structures based on?
- The number of producers in the market
- whether the good offered are identical or differentiated
What do we call the good that are different yet substitutable by consumers?
- Higher grades + faster learning
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What market structure only has a single producer sells a single undifferentiated product?
What market structure has a few producers, but not a large amount, and it sells products that may be differentiated or identical?
What determines the number of firms in a market?
Why do some markets have differentiated products but other have identical ones?
In which market structure is the kind of behavior good for producers, but bad for consumers? Why? What tries to limit the damage?
because it causes inefficiency
which public policy tries to limit the damage
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
