MARKET STRUCTURE REVISION 1

REINFORCEMENTMARKET STRUCTURES

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What market structure is the picture most likely representing?

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PERFECTLY COMPETITIVE MARKET STRUCTURE

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TRUE OR FALSEThe p.c.m firm is a price maker.

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FalseIt is a price taker.

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TRUE OR FALSEThe demand curve for the perfectly competitive industry is downward sloping

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TRUEThe industry (market) demand curve is downward sloping.

The diagram below shows profit maximisation for the PCM FIRM

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REINFORCEMENT SHEET

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TRUE

The graph shows a pcm firm making normal profit

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FALSE. At profit maximisation AVC=AR.This is the shut-down price!

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The diagram shows a monopolistically competitive firm in the LR.

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TRUE OR FALSEThe only market structure where there is allocative efficiency is the p.c.m.

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TRUEP=MC at the profit maximisation output level

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TRUEIt shows a monopolistically competitive firm in the long run which can only make normal profit

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TRUE OR FALSEA key feature of the monopolisitcally competitive firm is interdependence.

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FALSE PRODUCT DIFFERENTIATION IS THE KEY FEATURE.

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TRUE OR FALSETacit collusion is when firms collude secretly or covertly

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TRUEThis type of collusion is often implied by what the firms do informally.

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TRUE OR FALSEOPEC is an example of implicit or tacit collusion.

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FALSEOPEC is an example of explicit or overt collusion.

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REINFORCEMENT SHEET

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REINFORCEMENT SHEET

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EXTENSION SHEET

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DECK TO REVIEW INA FEW HOURS

BYE, BYE

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