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3 cards from this section. Quick, good the night before a test.
Define a market.
Think about interaction between people exchanging things.
What is perfect competition?
Consider fruit stands at a busy market.
What does 'market' refer to in economics?
Consider both online and physical examples.
In a monopoly, there are:
Think about control over supply.
Analyze how a sudden increase in demand for electric cars might affect the oligopoly market structure in the automobile industry. Consider pricing strategies among leading manufacturers.
Consider the interdependence among firms typical in an oligopoly.
Discuss the long-term implications of firms in monopolistic competition engaging in non-price competition. What does this mean for market dynamics?
Focus on branding and advertising strategies that affect consumer choices.
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