Learn about firm behaviour, market structure, firm interactions, buying power, the control of both supply and demand, pricing and output, responce to market forces
1 of 5
Briefly describe the difference between an industry and market?
Industry- Firms as sellers that produce pareticular category of services, goods, such as insurance, holiday, electrical goods
2 of 5
What are some of the supply features of the market structure?
Seller concentration, entry and exit conditions, product differentiation, vertical and lateral integration
3 of 5
Further discuss more on theoretical market structures
Perfect competition- Homogenous products, freedom of entry exit, no transaction costs, perfect divisibility of output, perfect information to all agents
4 of 5
Draw the 4 perfect competition ( short + long term equilibrium )
Check sheet
5 of 5
Other cards in this set
Card 2
Front
Briefly describe the difference between an industry and market?
Back
Industry- Firms as sellers that produce pareticular category of services, goods, such as insurance, holiday, electrical goods
Card 3
Front
What are some of the supply features of the market structure?
Back
Card 4
Front
Further discuss more on theoretical market structures
Back
Card 5
Front
Draw the 4 perfect competition ( short + long term equilibrium )
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