3.8 market structure at University of Birmingham

Flashcards and summaries for 3.8 market structure at the University of Birmingham

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Study with flashcards and summaries for the course 3.8 market structure at the University of Birmingham

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measures of competition policy (3)

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

market characteristics (4)

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

different ways firms compete (5)

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type of market structure (4)

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

define perfect competition 

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

define monopolistic competition 


Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

define market structure 

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Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

define monopoly 

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

features of perfect competition (5)

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

perfect competition impact on market outcomes (5)

Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

monopolistic competition features (4)

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define oligopoly 

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Exemplary flashcards for 3.8 market structure at the University of Birmingham on StudySmarter:

3.8 market structure

measures of competition policy (3)

  • imposing fines on firms that abuse their market power to exploit consumers or suppliers to earn excessive profits 
  • forcing monopolies to divide into smaller competing firms 
  • regulating profits, prices, outputs and service levels of monopolies

3.8 market structure

market characteristics (4)

  • the number of firms competing to supply the market 
  • how much competition there is between firms 
  • the ability of each firm or group of firms acting together to determine the market price 
  • the ease with which new firms can enter the market to compete with existing firms 

3.8 market structure

different ways firms compete (5)

  • price 
  • brand loyalty 
  • convenience
  • service 
  • offering new products 

3.8 market structure

type of market structure (4)

  • perfect competition
  • monopolistic competition 
  • oligopoly 
  • monopoly 

3.8 market structure

define perfect competition 

perfect competition is a market structure where a large number of firms compete against each other 

3.8 market structure

define monopolistic competition 


monopolistic competition is a market structure where a large number of small firms compete against each other, they sell similar slightly different products 

3.8 market structure

define market structure 

market structure refers to the characteristics of a market that influence the behaviour of buyers and sellers and the market outcomes they achieve in terms of product quantity, quality and price 

3.8 market structure

define monopoly 

a monopoly refers to a market structure where a single firm controls the entire market 

3.8 market structure

features of perfect competition (5)

  • a large number of firms compete to supply a market 
  • each firm supplies the same identical product 
  • firms can only maximise their profits by selling as much as they can at the market price 
  • profits attract new firms into the market 
  • no consumer preferences 

3.8 market structure

perfect competition impact on market outcomes (5)

  • each firm produces a small share of the total market supply 
  • all firms have access to the same materials, technical knowledge, equipment and skills and will therefore face the same costs and be able to supply products of equal quality 
  • they all supply a homogeneous product 
  • because there are so many firms competing to supply identical products, no one firm can raise its price 
  • competition will lower market price and reduce profits until firms remaining in the market earn only normal profits 

3.8 market structure

monopolistic competition features (4)

  • all firms maximise profits 
  • there is free entry and exit to the market 
  • firms sell differentiated products 
  • consumers may prefer one product over the other 

3.8 market structure

define oligopoly 

an oligopoly describes a market structure that is dominated by only a small number of firms, the firms can compete against each other and collaborate 

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