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Market structure worksheet answers

14/12/2020 Client: saad24vbs Deadline: 2 Day


Market Structure Worksheet


Describe the characteristics clearly and completely for each of the market structures.


Characteristic


Market type


Concentration


Product differentiation


Barriers to entry


Perfect competition


Low concentration, many buyers and sellers such that no single one has an effect on the market price. 4-firm ratio probably less than 30%, but could be greater.


Monopolistic competition


Oligopoly


Monopoly


Outcome ►


Market power?


From what?


Allocative efficient?


Why/why not?


Product differentiation?


Can firm earn Economic profits?


Market type ▼


Test:


Test: ________


Test: __________


Why/why not?


Perfect competition


Monopolistic competition


Oligopoly


Monopoly


Market Structure


Describe Typical Market Strategies in this Market Structure


Perfect competition


Monopolistic competition


Oligopoly


Monopoly


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