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Distinguish between the following market structures by examining three (3) characteristics each of firms in these...

Distinguish between the following market structures by examining three (3) characteristics each of firms in these market structures:                                                                              (18)

  • Perfect competition                                                                                                    
  • Monopolistic competition                                                                                           
  • Monopoly
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Answer #1
market monopoly Monopolistic competition Perfect competition
pricing A Monopoly price is set by a seller with market power; that is, a seller who can drive up the price by reducing the quantity all firms determine the price of their own products/in other words they have limited market control. price is decided by the market forces of demand and supply
product a monopoly market, usually, there is a single firm which produces and/or supplies a particular product/ commodity. such a firm constitutes the entire industry. producers sell products that are differentiated from one another ,like branding etc and hence are not perfect substitutes. Each company makes a similar or homogenus product.
no.of sellers only one many There are many buyers and sellers in the market
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