Some examples from this set of practice questions
1.
What is Perfect/pure competition?
Answer: A market structure with many fully informed buyers and sellers of an identical products and ease of entry
2.
What are barriers to entry in market?
Answer: Legal restrictions, economies of sale, costs drop as production rises, and control of an essential resource.
3.
What is a Natural Monopoly?
Answer: A market that runs most efficiently when one large firms provides all the output
4.
What is monopolistic Competition?
Answer: A market structure in which many companies sell products that are similar but not identical.
5.
What are the conditions of monopolistic competition?
Answer: Many firms, have few artificial barriers to entry, little control over price, and differentiation in products.
6.
What is an oligopoly? What are some examples?
Answer: A market dominated by just a few firms. Steel, oil, automobiles, breakfast cereals, and tobacco are examples.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller jialasky3. Stuvia facilitates payment to the seller.
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
