Market Structure (AM)
How many numbers of buyers and sellers in perfect competition?
Many
how many owners are in a sole proprietorship?
one
What are key features of labor?
It inquires about employment rights, wages, and working conditions.
is there price control on perfect competition?
NO!
The difference between Pure Competition and Monopolistic Competition when it comes to selling products?
Pure Competition has all the same products
Monopolistic Competition has differentiation with it’s products
How many entry Barriers are in a oligopoly?
High
what type of liability does a company LLC have?
limited
is price control controlled on an oligopoly?
YES! closely controlled depending on competition.
An oligopoly has this kind of product differentiation
Some differentiation that’s on a non priced bias
Is the price control high or low for an monopoly?
High
how many owners are in a partnership?
two or more
is rent considered to be part of price control?
yes, rent is considered to be price control due to the amount being given by the landlord.
What is the Sherman Antitrust Act of 1890?
It outlawed the creation of trusts, restraint of trade, and monopolization
What are the key factors that determine a market structure?
Number of sellers in the market
how are decisions made in a partnership?
owners
does price control affect consumer surplus?
yes, it can reduce consumer surplus in a other-wise competitive market.
A monopoly is special with having what as their differentiation of products?
Unique product and no differentiation
What are the four primary market structures?
Perfect competition, Monopolistic competition, Oligopoly, Monopoly
what is a sole proprietorships business life span
limited
can price controls stop inflation?
No, however it can be affected by putting caps on prices.
A reduction in government control over prices and firm entry in previously regulated markets such as airlines and trucking is what?
Deregulation