Perfect Competition
Another name for Perfect Competition
Pure Competition
How much control over price do firms in Monopolistic Competition have?
Some
How much control over price do firms in an Oligopoly have?
A lot
How much control over price do firms in a Monopoly have?
The owner being completely responsible for the business decisions is an advantage of what type of business organization?
Sole proprietorship
How much control over price does Perfect Competition have?
None
How many firms in Monopolistic Competition?
Hundreds
How many firms in an Oligopoly?
Few (talking in terms of tens)
How many firms in a Monopoly?
One
Banks often being unwilling to lend money to the business is a disadvantage of what type of business organization?
Sole proprietorship
Number of firms
Thousands
What type of goods are sold in Monopolistic Competition?
Differentiated, slightly different, not identical
What type of goods are sold in an Oligopoly?
Same (identical) or different, it doesn’t really matter
What type of goods are sold in a Monopoly?
Unique; different
What are the three types of business organizations?
Sole proprietorship, partnership, corporation
What type of goods are sold in Perfect Competition
Identical; All the same
What type of barriers to entry does Monopolistic Competition have?
Low barriers, not that hard to get into
What type of barriers to entry does an Oligopoly have?
High barriers, very difficult to create
What type of barriers to entry does a Monopoly have?
High barriers, very difficult to create
ANY establishment formed to carry on commercial enterprises is a
business organization
What type of barriers to entry does Perfect Competition have?
Low barriers to entry
Many companies selling similar but not identical products is known as
Monopolistic Competition
What are the three imperfectly competitive markets?
Monopolistic Competition, Oligopoly, Monopoly
Which market type has the fewest number of firms?
Monopoly
The responsibility of the business being shared is an advantage of a
partnership