1
Q
What does market structure refer to?
A
Degree of competitiveness in the market for a commodity
How many firms? What degree of control do they have on prices
2
Q
“market”
A
Defined by particular kind of product or service
3
Q
What is the measure of market power?
A
Concentration Ratio, HHI
4
Q
What are the characteristics of a perfectly competitive market?
A
- -many firms selling identical products
- no restrictions on entry or exit
- established firms have no advantage over new ones
Economics
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