Monopolistic Competition (Grade 12 NSC Matric Economics): Flashcards
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Market structure combining competition & monopoly elements
Market structure combining competition & monopoly elements
Monopolistic competition (hybrid structure)
Defining feature of monopolistic competition
Defining feature of monopolistic competition
Product differentiation
Number of sellers in monopolistic competition
Number of sellers in monopolistic competition
Many/numerous businesses
Market entry in monopolistic competition
Market entry in monopolistic competition
Easy/free without significant barriers
Competition on factors other than price
Competition on factors other than price
Non-price competition
Short-run profit in monopolistic competition
Short-run profit in monopolistic competition
Economic profits or economic losses
Long-run profit in monopolistic competition
Long-run profit in monopolistic competition
Normal profit only
Why normal profit occurs in long run
Why normal profit occurs in long run
Profits attract entry; losses cause exit
Prices vs perfect competition
Prices vs perfect competition
Higher prices
Efficiency vs perfect competition
Efficiency vs perfect competition
Less efficient