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Card 1 of 24

What are the four main characteristics of a perfectly competitive market structure?

A
  • One dominant seller
  • Unique products
  • Limited information
  • Legal barriers to entry or exit
B
  • Many buyers and sellers
  • Differentiated products
  • Imperfect information
  • Low barriers to entry or exit
C
  • Many buyers and sellers
  • Homogeneous (identical) products
  • Perfect information
  • No barriers to entry or exit
D
  • Few dominant sellers
  • Differentiated products
  • Imperfect information
  • High barriers to entry or exit

Card 1 of 24

Perfect competition Flashcards

  1. A Level
  2. /Economics
  3. /Perfect competition

24 flashcards on OCR A Level Economics Perfect competition: the key terms, economic models and case studies you need to recall for Component 01, Component 02 and Component 03.

Flashcards