Flashcards
Monopoly
Cards in this deck (13)
- 1MonopolyWhen over 30% of a industry is owned by 1 firm. High barriers to entry.
- 2Natural monopoliesA Monopoly that arises because of high fixed or start up costs
- 3Price discriminationWhere a identical good/service is sold to different customers at different prices
- 4Barriers to entryObstacles that stop new firms entering a market
- 5X-inefficentSomething called organisational slacks, not reducing costs to their lowest level- the gap between the actual and lowest possible costs.
- 6Patent lawsA grant of temporary monopoly rights over a new invention
- 7Copy rightOwnership of rights
- 8NationalisedTaking a firm /industry under state ownership
- 9IncumbentExisting firms in the industry
- 10Limit pricingsetting a price so low that other firms will not enter the industry
- 11Sunk costsirretrievable costs that occur when a firm exists an industry
- 12Legal monopolyA firm with 25% or more of the market share
- 13Product differentiationA way of distinguishing a product from that of competitors
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- AS A2 economics unit 1 Flashcards on Monopoly, created by james.whitmore15 on 19/11/2014.
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- james.whitmore15
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