| A | B |
|---|
| market structure | The way different industries are organised in terms of numbers and types of buyers and sellers |
| duopoly | market structure that is dominated by two organisations |
| monopoly | A market structure with only one organisation. Has total control |
| oligopoly | market structure this is dominated by a small number of suppliers |
| monopolistic | Market structure that is composed of many organisations selling similar products |
| aviation industry | an example of an oligopoly |
| myki | an example of a monopoly |
| coles and woolworths | example of a duopoly |
| homogenous | a term that means the same or identical |
| uncompetitive | Market structures range from ones that are highly competitive (eg perfect competition) to ones that are highly |
| sellers | characteristic that determines market structure - number of buyers and |
| entry | characteristic that determines market structure - barriers to |
| costs | a barrier to entry could simply relate to the set up c.... |
| differentiated | characteristic that determines market structure - the extent to which the product is unique or d |
| market power | the ability of any particular business to control or manipulate price or quantities in a market |
| price and quantities | market power can control these two things |
