Question

1. Identify the market structure for each of the following goods. Be sure to discuss the...

1. Identify the market structure for each of the following goods. Be sure to discuss the number of sellers, product standardization, and barriers to entry and/or exit.

a. Carrots

b. Smart phones

c. Smart phone apps

Business   Economics   
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Answer #1

a) Carrots seller operate in the perfectly competitive market and the goods are similar and there is no barrier to entry and exit. there are a number of carrot sellers in the market.

b) The mobile phone market are oligopoly as there are limited number of large sellers in the market controlling the whole market, they are interdependent on each other as the goods are close substitute to each other, there is not so easy entry i.e. the firms have economies of scale and technology to prohibit free entry in the market.

c) It is monopolistic competitive market as there are many small number of sellers in the market that have slightly different product in the market.

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