Edexcel Economics 7. Market Structures

Description

Term

That the benefits of which are that it increases consumer choice and causes less x-inefficiency due to the presence of competition

A market that shares characteristics of both monopoly and perfect competition

Factors that make it difficult or impossible for incumbent firms to leave a market

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

The slope of a demand/average revenue curve under a monopoly

A market in which there are barriers to entry and exit and only one firm, which can influence price

Where a firm sets price below average variable cost in an attempt to force rivals out of the market

That profit made in the long-run under perfect competition

The fundamental feature of monopolistic competition

That which can result form a few firms controlling the source of a raw material which they can prevent firms for which it is a prerequisite from entering the market

Description

Term

That which perfect competition assumes that products are, with there being no brand loyalty

That which firms under monopolistic competition, oligopoly, and monopoly are in terms of price

That which firms can erect through legal devices such as patents, copyright, and operating licences

That curve which is equal to the average revenue curve and demand curve under perfect competition in the short-run

Where a dominant firm changes price forcing others to follow suit to protect their market share

A firm that influence mark price

A situation of productive and allocative efficiency where it is not possible to make someone better-off without making another worse-off (depending on the value society places on the goods and services concerned)

The number of firms that are are usually used for measuring the n-firm concentration ratio

That which assumes firms and consumers have perfect knowledge

That the principal limitation of which is that it does not reflect regional and local market variations or specific product variations