Tag: imperfect competition

monopsony

A monopsony occurs when there is only a single buyer in a market. In a labour market, a

Non-price competition occurs when businesses compete by using factors other than lowering prices. Instead of focusing on cost,

Price competition occurs when businesses try to win customers and increase their market share by offering lower prices

Barriers to exit are obstacles that prevent a company from leaving an industry, even when the business is

A natural monopoly occurs when a single company can supply the entire market at a lower cost than

Monopolistic competition is a market structure where many companies sell products that are similar but not identical. It

The Prisoner’s dilemma is a classic model in game theory. It demonstrates why two parties may choose not

The concentration ratio measures the level of market concentration. It shows the share of total industry production controlled

A monopoly maximizes profit by following the MR = MC rule (Marginal Revenue equals Marginal Cost). However, because

A collusive oligopoly happens when companies in a market work together instead of competing. By cooperating, they aim