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4.1: Imperfectly Competitive Markets
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AP Microeconomics notes from Unit 4, Section 1: These notes cover imperfectly competitive markets, including monopolistic competition and price discrimination.
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Some examples from this set of practice questions
1.
What are the types of barriers to entry?
Answer: High fixed/start-up costs, geography and ownership of raw materials, and legal barriers
2.
What is a market share?
Answer: The proportion of total sales that are done by one firm
3.
Describe the logic behind natural monopolies.
Answer: It is natural for only one firm to produce because they can produce at the lowest cost
4.
Why are monopolies inefficient?
Answer: They charge higher prices, don’t produce enough, and produce at higher costs
5.
What are differentiated products?
Answer: Goods that are similar but not identical
6.
Describe the goals of advertising.
Answer: To increase demand and make it less elastic
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