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Market structure worksheet

27/10/2020 Client: arwaabdullah Deadline: 3 days

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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