Fill in the following table regarding the major characteristics of the 4 market structures (Add the...
- Fill in the following table regarding the major characteristics of the 4 market structures (Add the space you need):
|
Perfect Competition |
Monopolistic Competition |
Oligopoly |
Monopoly |
|
|
Number of Firms |
||||
|
Ease of Entry/Barriers to Entry |
||||
|
Type/Nature of Good or Service (Homogeneous or Heterogeneous) |
||||
|
Price Taker or Price Maker? |
||||
|
Is Long Run Profit Possible? |
||||
|
Is Efficiency Achieved in the long run? |
Homework Answers
| Perfect competition | Monopolistic competition | oligopoly | Monopoly | |
| Number of firms | infinity | large number of small firms | few large sized firms | single firm |
| Barriers to entry | no barriers to entry | entry is not easy | entry is not easy | Legal barriers to enter |
| Type of good | homogeneous | differentiatied ( heterogeneous) | it can be homogeneous or heterogeneous | homogeneous |
| Price taker / maker | price taker | price maker | price maker | price maker |
| Long run profit | no, always zero profit | no, zero profit in long run | yes | yes |
| Efficiency in long run | yes, efficient in long run | No | No | no |
Add Answer to:
Fill in the following table regarding the major characteristics
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Each bin below is labeled with one of four market structures. Identify the characteristics associated with...
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ignore the writting but if you can fill in all the boxes without and with the writting Summary Comparison of Market...
ignore the writting but if you can fill in all the boxes
without and with the writting
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4) Market Structures (8 points) Redraw and complete the following table listing characteristics of the 4 market structures. Perfect Monopoly Monopolistic Oligopoly Competition Competition Number of firms Product differentiation Market power/ control over price Ability of firms to enter / exit Firm Demand & Marginal Revenue Long-run profits? (Y/N) Efficient? (Y/N)
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ignore the writting but if you can fill in all the boxes
without and with the writting
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