1
Q
Contestable Market
A
A market where there is freedom of entry to the industry and where costs of exit are low.
2
Q
Hit and run competition
A
When firms can enter a market at low cost attracted by high profits and then leave the market at low cost when profits fall.
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
