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4 cards from this section. Quick, good the night before a test.
Define perfect competition in your own words.
Think about characteristics like the number of sellers and product similarity.
What is a monopoly?
Remember the power a single product provider has in the market.
What defines perfect competition?
Consider how competition affects pricing strategies.
In a monopoly, the firm is a price maker.
Remember how many firms exist in the market.
Evaluate how the presence of a monopoly can affect innovation in an industry.
Consider the relationship between competition and innovation.
Discuss how economies of scale might benefit firms in an oligopoly.
Reflect on how larger firms manage their costs.
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