Flash cards for Microeconomics
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| Monopoly | Single seller and very strong barriers to entry is critical to this market structure
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| Perfect competition | Very large numbers of sellers
Firms sell a homogenous product
Virtually no barriers to entry or exit
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| Economies of scale | Are the cost advantages that enterprises obtain due to size, output, or scale of operation
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| Oligopoly | Monopolistically competitive market produce less and charge higher prices than if they were competitive markets
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| Cartel | is a group of firms formally agreeing to control the price and the output of a product
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| 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
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| 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
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