Decide what market structure best represents each of the scenarios listed in the table. Market Structuresa) Old man Ezra sells wheat that he produces onhis farm. How he manages costs is veryimportant considering there are manycompetitors in his industry and he mustaccept the market equilibrium price.b) Lina works for the Toronto Maple Leafs. Sheloves working for the only professionalhockey team in the city. Sometimescustomers complain about the high prices thefirm is able to charge.c) Geovanni works for CIBC. His customers oftenwonder if there is a scam going on with thebig 5 banks, considering they all seem to offerthe same prices and interest rates.d) Diana owns a pizza parlor and competes withother pizza parlors on price and other thingslike delivery times, service, and gourmettoppings.e) Noah works for Shell. The staff there providesexcellent service because there are 6 otherbig gas stations in town and they all offersimilar prices on gas.f) Jeffery works for XYZ Cable. XYZ Cable holdsthe right to provide residents in PEI withcable. Since they have no direct competitorsthey don't need to engage in non-pricecompetition.g) Albert is a fisherman who sells mussels. Thereare many buyers and sellers in this industry,and products are almost identical.h) Marty owns a shoe store. He constantly triesto differentiate his place from all the othersso he can gain customer loyalty.

The market is a place where buyers and sellers come and interact with each other to fulfill their…

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Business

Economics

Decide what market structure best represents each of the scenarios listed in the table.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 10PA

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