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    Economics Chapter 7/8 - Funsheet 1 - KEY: Things

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    Competition affects prices in various market structures. There are four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is considered the ideal model where many suppliers offer identical products, buyers and sellers have perfect information, and it is easy for new suppliers to enter or exit the market so no single participant can influence prices.

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    Economics Chapter 7/8 - Funsheet 1 - KEY: Things

    Uploaded by

    ehstars
    141 views2 pages
    Competition affects prices in various market structures. There are four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is considered the ideal model where many suppliers offer identical products, buyers and sellers have perfect information, and it is easy for new suppliers to enter or exit the market so no single participant can influence prices.

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    Econ - C78 - Funsheet 1 - 201213 - KEY

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    Competition affects prices in various market structures. There are four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is considered the ideal model where many suppliers offer identical products, buyers and sellers have perfect information, and it is easy for new suppliers to enter or exit the market so no single participant can influence prices.

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    141 views2 pages

    Economics Chapter 7/8 - Funsheet 1 - KEY: Things

    Uploaded by

    ehstars
    Competition affects prices in various market structures. There are four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is considered the ideal model where many suppliers offer identical products, buyers and sellers have perfect information, and it is easy for new suppliers to enter or exit the market so no single participant can influence prices.

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    ECONOMICS Chapter 7/8 Funsheet 1 - KEY

    C7 EQ: How does competition affect prices in various market structures? C8 EQ: How do business organizations compare? Standard: SSEMI4 1. The United States has a market economy. 2. A market is an arrangement that allows buyers & sellers to exchange things. 3. Two benefits of competition are: a. Keeps prices down b. Encourages technology 4. Two negative outcomes of NOT using competition to determine prices and output are: a. surpluses b. shortages 5. A business organization is an enterprise that makes products usually in order to make a profit. 6. Four types of market structures are: a. perfect competition b. monopoly c. monopolistic competition d. oligopoly 7. Perfect competition is the ideal model of a market economy.

    Chapter 7 Market Structures - Key


    How many suppliers? Identical/ similar/ different products? Identical Buyers/ sellers wellinformed? Wellinformed Easy entry/ exit of market? Easy Influence over price? None

    Monopoly CompetitionPerfect

    Many

    One

    Unique: No close substitutes Differentiated products

    NA

    Difficult

    Total

    Oligopoly CompetitionMonopolistic

    Many

    NA

    FEW BARRIERS

    Slight

    Few

    Similar

    NA

    Difficult

    NA

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