Define Different Market Types Number of firms One Several Many Many Any influence on market price?...
Define Different Market Types
|
Number of firms |
One |
Several |
Many |
Many |
|
Any influence on market price? |
Yes |
Yes |
Yes |
No (price taker) |
|
Product substitutability |
Unique |
Perfectly substitutable |
Differentiable |
Perfectly substitutable |
|
Entry barriers |
Yes |
Yes |
None |
None |
|
Market type |
Homework Answers
Answer :
| Market type | Monopoly | oligopoly | monopolistic competition | Perfect competition |
|---|
Explanation :
Monopoly is price maker and only one and barriers to entry.
In oligopoly there are only firm selling identical products and there is barriers to entry.
Monopolistic competitive firms has similar but not identical product and there is no entry barriers.
Perfectly competitive firms are price taker, no influence on price and no entry barriers. There are many firm selling identical products.
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Define Different Market Types
Number of firms
One
Several
Many
Many
Any influence on market price?...
Is this correct :) Compare monopoly and perfectly competitive firm on the following points. Perfectly Competitive...
Is this correct :)
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