Ex.12. Answer the following questions.

Date: 2015-10-07; view: 626.

Ex.11. Ask questions to which the following word combinations or sentences may be answers.

LANGUAGE SKILLS

1. Market structure.

2. To talk about the conditions that exist in the market.

3. A useful picture of a market, revealing how it works and the results that one would observe in this market.

4. Perfect competition, monopolistic competition, monopoly and oligopoly.

5. A situation in which firms act as price takers.

6. No firm can have any significant role in setting prices, so all firms must take the market price as given.

7. The interaction of buyers and sellers determines the market price and quantity.

8. The firm has market power, or control over the market price.

9. The monopolist wishes to maximize profit.

10. To restrict output, resulting in a higher price, and as a consequence, a higher level of profit.

1. What categories of conditions help to define the market structure?

2. What are the main types of market structures?

3. What are the conditions in the market with perfect competition?

4. How do the supply & demand interact in markets with perfect competition?

5. What is the difference between perfect competition & monopolistic competition?

6. What are the main features of a monopoly?

7. In a monopoly, how many sellers are there?

8. What are the dangers that harm consumers in a monopoly?

9. What are the characteristics of an oligopoly?

10.In which ways can firms in an oligopolistic market interact?

11.What can you say about an oligopsony & a monopsony?