Flashcards - Microeconomics Concepts & Laws

Flashcards - Microeconomics Concepts & Laws
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market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals
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monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
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monopolistic competition
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes
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7 cards in set
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monopolistic competition
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes
monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
market system
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals
medieval feudal system
Feudalism was a combination of legal and military customs in medieval Europe that flourished between the 9th and 15th centuries
land
Land, sometimes referred to as dry land, is the solid surface of the Earth that is not permanently covered by water
law of supply
The law of supply is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied
oligopoly
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers

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