Market Structures Flashcard

Front

What is the cost of entry and exit in a perfect competition market structure?

Back

Costless

Front

Which market structure is characterized by having many buyers and sellers with very little market power?

Back

Perfect competition

Front

What is an example of a product in a perfect competition market structure? Options: Jeans, Athletic shoes, Mass agriculture (corn), Prescription medication

Back

Mass agriculture (corn)

Front

What is the cost of entry and exit in an oligopoly?

Back

High/Significant

Front

Which market structure has many buyers and sellers with some market power?

Back

Monopolistic competition

Front

What is an example of a product in an oligopoly market structure?

Back

Athletic shoes, Coke and Pepsi, Duracell Batteries

Front

Which market structure has a costless entry and exit?

Back

Perfect competition

Front

What is the amount of market power in a perfect competition market?

Back

Very little

Front

Which market structure is associated with prescription medication and internet providers?

Back

Monopoly

Front

What is a "non-excludable product?"

Back

A good that cannot be kept away from others