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AP Microeconomics
Unit 4 โ Imperfect Competition
Topic 4.1
Unit 4 โ Imperfect Competition
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4.1 Introduction to Imperfectly Competitive Markets
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mixed difficulty
In imperfectly competitive markets, firms are "price makers.
" What does this mean?
Firms can only set prices based on their production costs.
Firms have no control over the price and must accept the market price.
Firms have some or total control over the price at which they sell their goods.
Firms must sell their goods at the same price as their competitors.
Study guides (1)
AP Microeconomics - 4.1 Introduction to Imperfectly Competitive Markets
Key terms
Price makers
Imperfectly Competitive Markets
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