What are the differences between the four market structures in terms of the number of sellers in the market and the types of products produced?
What will be an ideal response?
1. Monopoly has one seller producing a unique product for which no close substitutes exist.
2. Oligopoly has a few large sellers which dominate the market, and can produce either differentiated or identical products.
3. Monopolistic competition has many sellers which produce differentiated products.
4. Perfect competition has very many sellers which produce identical products.
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The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $10.00 per week. Milkshakes cost $2.00 each and sodas cost $1.00 each
What quantity of milkshakes does Tom purchase at his consumer equilibrium? A) one B) two C) three D) four
If a monopolistically competitive firm breaks even, the firm is earning as much in this industry as it could in any other comparable industry
Indicate whether the statement is true or false