1
Q
Monopolist
A
A firm which controls all the output in a market.
2
Q
Monopoly or pure monopoly
A
Market structure where one firm supplies all output in the market without facing competition because of high barriers to entry to the market.
3
Q
Monopoly power
A
Exists when firms are able to control the price they charge for their product in a market.
4
Q
Price discrimination
A
Charging a different price for the same good or service in different markets.
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
