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Edexcel Economics 7. Market Structures

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
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Last updated: March 9, 2020
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First submittedOctober 27, 2019
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Description
Term
A market with product differentiation, relatively elastic price, freedom of entry, and low concentration, such as in fast food restaurants
Monopolistic competition
Where competition may not promote efficiency in contrast to private cost and benefit?
Social cost and benefit
That which allows monopolies and oligopolies to potentially sell at lower prices than under perfect competition
Economies of scale
That which arises where there are substantial fixed costs of production or operation but low marginal costs such as an underground rail network
Natural monopoly
That which firms under monopolistic competition, oligopoly, and monopoly are in terms of price
Price makers
Barriers to entry that arise naturally in an industry such as economies of scale or high start-up costs
Structural barriers
That, the three principal measures of which are; sales/market share, output, and employment
Market concentration
A situation arising in a market where a monopoly firm is able to charge each consumer a different price
First Degree Price Discrimination
Where the firms in a market cannot control prices, with freedom of entry and exit
Perfect Competition
That which can result form a few firms controlling the source of a raw material which they can prevent firms for which it is a prerequisite from entering the market
Barriers to entry
That market which is the nearest real-world example of one under perfect competition as the product is homogenous, there are many firms, they are price takers, and there is freedom of entry and exit, though the products and service on offer do differ
Foreign Exchange Market
That market structure under which long-run equilibrium is reached where average cost equals average revenue, all profits being normal
Monopolistic competition
That position on the kinked demand curve that a firm would generally set its price as if it were to increase it, rivals would remain at the original price thus outcompeting them, or if it were to decrease its, rivals would follow suit
Kink
The analysis of the strategic interaction in competitive situations where the outcome of one participant's actions depends on the actions of another, often used in study of oligopoly
Game theory
That which under perfect competition in the short-run is where price equals minimum average variable cost
Shut down price
A market in which incumbent firms make only normal profit, being unable to set a higher price without attracting entry due to the absence or limitation of both barriers to entry and sunk costs
Contestable Market
Where a firm ensures that its own brand of a product is unique via special features and design
Product differentiation
A situation in which firms refrain from competing on price though without formal agreement or communication
Tacit collusion
That the benefits of which are that it increases consumer choice and causes less x-inefficiency due to the presence of competition
Monopolistic competition
Are allocative and/or productive efficiency achieved in a monopoly?
No
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