Monopolistic competition flashcard sets

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1-3 of 3Monopolistic competition flashcard sets
# Title Terms Date
1Chapter 13 Monopolistic Competition and Oligopolyby ksinger19 termsNovember 20, 2009
2Micro Ch. 13: Oligopoly and Monopolistic Competitionby nezzytoe9119 termsNovember 13, 2009
37.2 Monopolistic Competition and Oligopolyby mjdolenko3 termsOctober 11, 2009
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monopolistic competition definitions
# Definition Sets
1a market structure in which many companies sell products that are similar but not identical15 sets
2market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors7 sets
3a market structure in which many firms sell products that are similar but not identical7 sets
4common market from where there are many producers and consumers, consumers perceive that there are non-price differences in the products, few barriers to entry and exit, and producers have a degree of control over price. markets for restaurants, cereal, shoes, clothing, and services in large cities.4 sets
5the market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different3 sets
6many sellers and slightly differentiated products3 sets
7a term often used by economists to describe markets characterized by a large number of sellers that supply differentiated products to a market with low barriers to entry.3 sets
8market structure of an industry in which there are many firms and freedom of entry and exit but in which each firm has a product somewhat differentiated from the others, giving it some control over its price3 sets
9a market structure in which a large number of firms sell slightly differentiated products that are reasonably close substitutes for one another2 sets
10many sellers2 sets
11the market structure that has all the conditions of perfect competition except for identical products.2 sets
12many buyers and sellers* minot barriers to entry* differentiated products* non-price competition is extensive* largest market competition models(towing plumbing book ends)2 sets
13a market structure in which barriers to entry are low and many firms compete by selling similar, but not identical products2 sets
14market structure which has all conditions of a pure competition, except for identical products1 set
15many sellers each offer a slightly differentiated product having a reltively small market share ex. clothing industry1 set
16many competitors selling differentiated products, barries to entry low1 set
17numerous sellers trying to differentiate their products from competitors as to have controll over their price; many sellers; can leave or enter the market easily large number of buyers relitive to sellers applies potential limits to prices1 set
18a market structure in which many firms sell a differentiated product, into which entry is relatively easy, in which the firm has some control over its product price, and in which there is considerable nonprice competition1 set
19a market structure with low entry barriers and many firms selling products differentiated enough that each firm's demand curve slopes downward1 set
20a market structure with many competitors selling different products. barriers to enter are very low1 set
21the degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different1 set
22a market structure with many firms that offer similar but not identical products can also be called imperfect competition1 set
23the market structure that has all conditions of perfect competition expect for identical products1 set
24a market structure characterized by a few small firms producing a differentiated product with easy entry into the market1 set
25several different choices, and each one is slightly different1 set
26market structure in which there are many small firms that sell products that are similar but no identical, a differentiated product,easy entry and exit, restrictions on info1 set
27a market in which many producers offer a similar-but not identical-good or service.1 set
28a large number of firms, differentiated product, some control over price, easy entry, emphasis on brand name advertising, ex: pepsi, coke1 set
29market where many firms selling similar but not identical products and have small ability to affect price1 set
30the market structure characterized by many small sellers who produce differentiated products. the firm has some degree of control over product price1 set
31many sellers and slightly differentiated products.1 set
32just like perfect competiton but concentration measures are close to zero and each firm produces a product that is slightly different from the products produced by other firms.1 set
33many companies making similar products with few barriers to entry and some control over price1 set
34industry that is made up of a fairly large number of firms with slightly different products and might or might not have barriers of entry1 set
35(many - but diffrent) several diffrent choices, and each one is slighty diffrent. ex burgen king vs. mc donnals, cars1 set
36the market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small1 set
37a market structure in which many firms sell products that are similar but not practical1 set
38a market in which 1) there are many buyers and sellers 2)each firm produces a differentiated product and 3)there is free entry and exit.1 set
39large number of firms that compete by making similar but slightly different prices (product differentiation), ease of entry and exit1 set
40a situation in a market where there are many firms producing similar but not identical goods1 set