1
Q
Perfect competition
A
A market structure where there are many buyers and sellers, where there is freedom of entry and exit to the market, where there is perfect knowledge and where all firms produce a homogenous product.
2
Q
Price taker
A
A firm which has no control over the market price and has to accept the market price if it wants to sell its product.
EDEXCEL THEME 3 ECONOMICS
flashcards
Decks in class (20)
# Cards
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CHAPTER 41 BUSINESS GROWTH14
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CHAPTER 42 REVENUE3
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CHAPTER 43 PRODUCTION8
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CHAPTER 44 COSTS18
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CHAPTER 45 PROFIT3
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CHAPTER 46 MARKET STRUCTURE18
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CHAPTER 47 PERFECT COMPETITION2
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CHAPTER 48 MOMOPLOLISTIC COMPETITION1
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CHAPTER 49 OLIGOPOLY19
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CHAPTER 50 MONOPOLY4
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CHAPTER 51 MONOPSONY1
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CHAPTER 52 CONTESTABILITY2
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CHAPTER 53 BUSINESS OBJECTIVES6
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CHAPTER 54 EFFICIENCY7
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CHAPTER 55 EVALUATING COMPETITION AND MONOPOLY2
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CHAPTER 56 GOVERNMENT INTERVENTION AND PRODUCT MARKETS6
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CHAPTER 57 DEMAND FOR LABOUR5
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CHAPTER 58 SUPPLY OF LABOUR6
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CHAPTER 59 WAGE DETERMINATION1
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CHAPTER 60 GOVERNEMNT INTERVENTION IN LABOUR MARKETS1
