These are the conditions that allow monopolies to exist.
What are barriers to entry?
Type of product made by Perfect Competition
What is standardized / Identical / Homogeneous?
This is an agreement among firms to charge one price for the same good.
What is price fixing?
A real estate agent would be most likely to highlight this type of nonprice competition.
What is location?
Which of these industries is NOT perfect competition?
Eggs, Bottled Milk, Bananas, Taobao Sellers
What is Bottled Milk?
This is an agreement among firms to divide the market, set prices, or limit production.
What is collusion?
This is the amount of control a monopolistically competitive firm has over price.
What is slight control / Little control?
The demand for a perfectly competitive firm
What is horizontal / perfectly elastic?
This is a series of competitive price cuts that lowers the market price below the cost of production.
What is a price war?
These are some of the ways monopolistically competitive firms set themselves apart from their competitors. They include service level and physical characteristics.
What is nonprice competition?
Perfect Competition Long-run Equilibrium
P = D = MR = MC = ATC
This is the name for a formal organization of producers that agree to coordinate prices and production.
What is a cartel?
Monopolistically competitive firms won't have much of this because of fierce competition from other sellers and entry of new sellers if there is much of this.
What is profit?
The effect on profit for a perfectly competitive firm when firms exit the market
Increases
The outcome for two players in game theory once reached none of the player want to change.
Nash Equilibrium
This is making a product similar, but not identical to other products in the market.
What is differentiation?