Complete the information below on the four different market structures covered in class. Market Structure Is long-run economic profit possible? List a “real world” example of a firm or market operating with this structure: Special / unique characteristic for this structure: Monopoly Oligopoly Monopolistic Competition Perfect Competition

Complete the information below on the four different market structures covered in class. Market Structure Is long-run economic profit possible? List a “real world” example of a firm or market operating with this structure: Special / unique characteristic for this structure: Monopoly Oligopoly Monopolistic Competition Perfect Competition

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Monopolistic Competition And Oligoply

Section: Chapter Questions

Problem 9SQ

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Complete the following table by indicating key characteristics of each market structure. Market Structure Number of Firms Type of Product Entry Control of Price Monopoly Oligopoly Monopolistic Competition Perfect Competition For each of the following scenarios, determine which market structure best describes the scenario. Scenario Market Model Dozens of plain white socks producers use a widely known and readily available technology. Scholastic Inc. is the only company with the U.S. copyright to a popular series of books. Many small shops sell different styles of sweaters. Sweaters vary by price and quality. Four Internet providers offer similar services. Any new company would have to engage in a price war with the existing companies.
Suppose, Pfizer Company is the only company allowed by the Sultanate government to sell COVID vaccine in Oman. According to you, what type of market Pfizer Company is having in Oman? a. Monopoly market b. Monopolistic market c. Competitive market d. Oligopoly market
Please see the images of the article below and help answer questions. 3. Interpret this statement: "[Economists] see individuals and businesses as interchangeable atoms, not as unique creators. Their theories describe an equilibrium state of perfect competition because that is what's easy to model, not because it represents the best of business." Is the statement correct? Do economists have theories of monopoly and oligopoly as well? Does economic theory contend that for every product, the market for the product should be perfectly competitive? Does economic theory recommend that under certain conditions, products or production processes should be patented?
Discuss it in your own understanding and then give example each of the following: Tangible and Intangible Market Structure ( Perfect Competition,Monopoly Competition and Oligopoly Competition) Price and Production Local and National market Consumer and Producer goods Demands Law of demand Utility and Demand
Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples How do firms in an oligopolistic market set their prices? Use specific examples Explain how firms that compete in the four different market structures determine profitability. Use specific examples
evaluate the following statement:“Managers should specialize by acquiring only the tools needed to operate in a particular market structure. That is, man- agers should specialize in managing either a perfectly competitive, monopoly, monopolistically competitive, or oligopoly firm.”
Complete the following table Difference between various market Systems/Structures Feature Perfect Competition Monopolistic competition Oligopoly Monopoly Firm's control over price Demand curve of the firm's product Long-run Economic profit
In which market model must firms take into account the actions of their competitors before they can determine their profit- maximizing quantity? a. Perfect competition b. Monopoly c. Oligopoly d. Monopolistic competition
With the aid of practical examples ,distinguish between the following concepts ,a)increasing returns to scale and decreasing returns to scale b)Fairly elastic demand and fairly inelastic demand c)monopolistic competition and oligopoly market
Economists recognize all of the following market types except ________. Select one: a. oligopolistic competition b. monopoly c. oligopolistic monopoly d. monopolistic competition e. pure competition
Discuss the Duopoly Model with Product Differentiation, explain the effects of Product Differentiation and compare them with Homogeneous Goods Duopoly Competition. Try to find real life examples for such Duopolies and discuss relevant literature.
Which of the following market structures has the fewest number of large firms? a. Monopolistic competition b. Perfect competition c. Monopoly d. Oligopoly

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Market Structure	Is long-run economic profit possible?	List a “real world” example of a firm or market operating with this structure:	Special / unique characteristic for this structure:
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition