Perfect competition and monopoly are the two extremes of market structures. Discuss the difference between the markets. Analyze the considerations for an entrepreneur thinking about entering either market. Use examples from a business you might consider opening one day.
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- Discuss the difference between the markets.
- Analyze the considerations for an entrepreneur thinking about entering either market. Use examples from a business you might consider opening one day.
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- Distinguis in short: a) monopoly market and perfect competition b) open economy and autarkyDifferent between the monopoly market and perfect competition market. Define in a well manner.Which one of the following market structure is the less competitive? a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly
- Write down the differences between Monopoly and Perfect Competition?Monopoly and perfect competition are two market structures at the opposite endof the spectrum. Compare and contrast the two structures to influence our view ofwhich structure is most desirable. Critically analyse this statement.Fill in the table and use your answers to the questions to figure out which market type each business fits into. Below you are given potential answers to questions 3 through 9 on each table and one example table. Please fill in the whole table 1. Business Mark’s Feed Store (Local Bar-B-Q restaurant) 2. Industry 3. Size of Market 4. Number of Buyers 5. Number of Sellers 6. Product Type 7. Barriers to Entry 8. If high, why? 9. Market Type
- i A monopoly can be identified by a few traits that distinguish it from other market systems. Identify the reasons a monopoly firm sets prices in microeconomics. ii. Monopolistic opponents said that the monopoly power would have a negative social impact. Tell us why. iii Describe THREE (3) qualities or conditions of the perfectly Competitive market structure. A perfectly competitive market has the opposite characteristics or conditions from a monopolistic market.Give 2 examples of perfect competition and 2 examples of monopoly in real business world. Give reasons for your answer.Don't not use Al How businesses interact in various market structures (perfect competition, monopoly, etc. ) affecting prices and consumer choices.
- These two cases provide examples of markets that are characterized neither as perfect competition nor monopoly. Instead, these firms are competing in market structures that lie between the extremes of monopoly and perfect competition. How do they behave? Why do they exist?Choose a product or service that you are familiar with (something you use or have used, something related to a job you or someone close to you has held, etc.). Are there a lot or few firms in the industry? Are the products similar or identical or without close substitutes? Are there barriers to entry and, if so, what are they?For questions #25-30, classify the following product markets in their respective industry structures using the appropriate letter for your answer. A.) Monopoly B.) Oligopoly C.) Monopolistic competition D.) Perfect competition 25.) Bottle water 26.) Wooden #2 pencils 27.) Cooper 28.) Local electricity service 29.) Peanut butter 30.) Lipstick
