Question

Which type of market environment (perfect competition, monopolistic competition, oligopoly, or monopoly) is each description below...

Which type of market environment (perfect competition, monopolistic competition, oligopoly, or monopoly) is each description below characterizing?

            The industry is characterized by interdependent behavior

                        _________________________________________________________

            The several firms in the industry each produce a slightly differentiated product

                        _________________________________________________________

The industry is made up of a single seller

                        _________________________________________________________

            The industry has a very large number of very small firms, each producing an identical product

                        _________________________________________________________

            The industry is made up of a very large number of very small firms, has product differentiation, and also has no barriers to entry

                        _________________________________________________________

           

Homework Answers

Answer #1

a) interdependent behavior is represented by the firms in the oligopoly market.

b) In a monopolistic competition there are many firms producing the goods that are slightly differentiated.

c) A monopoly is made up of a single seller in the market.

d) In a perfect market condition there are a large number of firms in the market that are producing similar goods in the market.

e) This is a monopolistic competitive firm, where the number of firms are high and slightly differentiated goods.

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