What are some examples of the four different market structures?
What will be an ideal response?
Examples of pure competition can be found in the market for agricultural products and in financial markets. Retail stores and restaurants provide examples of monopolistic competition. Standardized oligopolies would be found in the production of aluminum, steel, copper, and other metal products. Differentiated oligopolies would be found producing automobiles and large household appliances such as refrigerators. Pure monopoly would be exemplified by local utilities such as electric, gas, or phone companies.
You might also like to view...
Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that
A) the supply of bottled water is elastic in the price range considered. B) the supply of bottled water is inelastic in the price range considered. C) the demand for bottled water is inelastic in the price range considered. D) the demand for bottled water is elastic in the price range considered.
How are aggregate supply and stagflation related?
a. Stagflation usually causes an adverse shift in aggregate supply. b. An adverse supply shift usually causes stagflation. c. Stagflation only follows inflation, with no relation to aggregate supply. d. There is no relationship between the two.