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Edexcel Economics 7. Market Structures

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
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robalot39
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Last updated: March 9, 2020
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First submittedOctober 27, 2019
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Average score25.0%
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Description
Term
Barriers to entry that are built-up by incumbent firms to limit new competition such as limit pricing or high advertising expenditure
Strategic barriers
Where firms compete by aggressively cutting prices to increase market share at other firms' expense
Price war
That which firms under monopolistic competition, oligopoly, and monopoly are in terms of price
Price makers
That which demand is under conditions of perfect competition, as if price was increased consumers would instantly switch to another firm
Perfectly Elastic
An example of game theory that described why two rational parties may not cooperate, even if the outcome is thus worse than a potential alternative, often used in discussing oligopolies
Prisoner's dilemma
That which is legal only where it improves production, distribution, and/or technical progress in goods and the market such as setting joint industry standards
Collusion
A popular method of pricing whereby firms set their price by adding a mark-up to average cost
Cost-plus pricing
When an economy is producing a balance of goods and services that matches consumer preferences
Allocative efficiency
A firm that influence mark price
Price Maker
The fundamental feature of monopolistic competition
Product differentiation
Where prices in two market segments are equalised by participants purchasing and reselling products
Arbitrage
That which barriers to entry and exit can encourage by promoting research and development in firms wishing to enter a market and those incumbent firms looking to maintain supernormal profits
Efficiency
That which increases firms' profits by converting consumer surplus into producer surplus
Price discrimination
Firms already active within a market
Incumbent firms
Where a firm is able to charge different groups of consumers a different price for the same product, such as senior discounts
Third degree price discrimination
Efficiency achieved over time from taking into account the effects of changes in consumer demand on productive and allocative efficiency in the long-run
Dynamic efficiency
Can firms enter or exit a market in the short-run?
No
That which began in March 2020 between OPEC and its ally Russia after the latter refused to reduce its oil production in order to maintain prices during the Coronavirus epidemic
Price war
The way in which market share is split between a number of firms
Market concentration
That which perfect competition assumes that products are, with there being no brand loyalty
Homogenous
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