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Albertson, Bacon, Carleton, and Darst are four companies in a Kingdom named Ekholm. Albertson is a...

Albertson, Bacon, Carleton, and Darst are four companies in a Kingdom named Ekholm. Albertson is a mill, producing all-purpose flour with other five hundred mills in the country. Bacon is one of a thousand barbershops in Ekholm. Compared to the other barbers, Bacon is known for beauty services and adept at shaving men’s beards. Carleton is a producer of steel. There are two steel manufacturers in Ekholm. Each of them owns iron ore mines, equipment, and technology for steelmaking. Darst is a public utility company. It manages the drinking water and wastewater systems of this state. Use the information and answer questions 2-8.

  1. Which of the following characteristics is not owned by producers in a perfectly competitive market?

  1. There are many producers in the market
  2. Products are identical
  3. Producers have market power
  4. Low barriers to entry

  1. Which of the following companies is in a perfectly competitive market?

  1. Albertson
  2. Bacon
  3. Carleton
  4. Darst

  1. Which of the following characteristics is not owned by producers in a market with monopolistic competition?

  1. There are many producers in the market
  2. Products are standardized
  3. Products are differentiated
  4. Producers have some degree of market power

  1. Which of the following companies is in a market with monopolistic competition?

  1. Albertson
  2. Bacon
  3. Carleton
  4. Darst
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Homework Answers

Answer #1

1 - Option C

Producers have market power

In competitive market , producers have no market power . Rest all the other options are correct statement for competitive market. Hence option C will be correct.

2 - Option A

Alberston

He is working under the largest number of firms hence in a competitive market.

3 - Option B

Products are standardised

Products are differentaited , price discrimination occurs , but they are not standardised.

4 - Option B

Bacon

Alberston is competitive market , other options are of monopoly and oligopoly. Hence Option B will be correct

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