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Microeconomics

Flash cards for Microeconomics

TermDefinition
Monopoly Single seller and very strong barriers to entry is critical to this market structure
Perfect competition Very large numbers of sellers Firms sell a homogenous product Virtually no barriers to entry or exit
Economies of scale Are the cost advantages that enterprises obtain due to size, output, or scale of operation
Oligopoly Monopolistically competitive market produce less and charge higher prices than if they were competitive markets
Cartel is a group of firms formally agreeing to control the price and the output of a product
Substitute goods When a price reduction (rise) for a related reduces (increases) the demand for a primary product, it is a substitute for the primary product
Complementary goods When a price reduction (rise) for a related product increases (reduces) the demand for a primary product. It is a complement for the primary product. Ex: Peanut butter / Jelly
Created by: CMadonna
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