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4 cards from this section. Quick, good the night before a test.
What is the defining characteristic of perfect competition?
Think about markets with many sellers.
Name one example of a monopolistic competition.
Consider markets where products differ but are all in the same category.
What characterizes a monopoly?
Remember: Monopoly means One.
In which structure do firms have no power over prices?
Think about how many sellers there are.
Evaluate the impact of a new entrant in a monopolistic market on existing prices and consumer choice.
Consider how competition drives prices down.
Debate whether monopolies are beneficial or harmful for the economy, using examples.
Think about the trade-offs between innovation and pricing.
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