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Which of the following is a microeconomic topic?
i.Banana prices increase after a cyclone hits Queensland.
ii.Xavier starts a new business designing web pages.
iii.Abby decides to practise an extra hour of soccer instead of studying.
Barriers to Entry
Obstacles that prevent new competitors from easily entering an industry or area of business.
Monopolistic Competition
A market structure where many companies sell products that are similar but not identical, allowing them to compete on factors other than price.
Imperfect Competition
Imperfect competition describes a market structure where the conditions necessary for perfect competition are not met, leading to firms having some control over market prices.
Monopoly
A market structure characterized by a single seller who has exclusive control over a product or service, potentially leading to higher prices and reduced quality.
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