QQuestionBusiness Management
QuestionBusiness Management
You have learned about the four types of market structures: perfectly competitive, monopolistically competitive, Monopoly, and oligopoly. in the tables below, select the characteristics for the appropriate markets
of firms options: few large, one firm, many small, many sizes
entry& exit into market options: very difficult, show me easy, very easy, almost impossible.
influence over price options: none, large control, very little, total control.
Advertising done by firms options: no advertising, little advertising, extensive.
product differences options: few different, many different, one product, identical products.
example firm options: city, water, gas, strawberries, fast food.
| Types | Number of Firms | Entry & Exit Into Market | Influence Over Price |
| --- | --- | --- | --- |
| Perfectly Competitive Markets | ☑ | ☑ | ☑ |
| Monopolistically Competitive Markets | ☑ | ☑ | ☑ |
| Oligopoly Markets | ☑ | ☑ | ☑ |
| Monopoly Markets | ☑ | ☑ | ☑ |
# Market Structures: Table 2
| Types | Advertising Done by Firms | Product Differences | Example Firms |
| --- | --- | --- | --- |
| Perfectly Competitive Markets | ☑ | ☑ | ☑ |
| Monopolistically Competitive Markets | ☑ | ☑ | ☑ |
| Oligopoly Markets | ☑ | ☑ | ☑ |
| Monopoly Markets | ☑ | ☑ | ☑ |
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Answer
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Step 1I'll provide a clear and accurate solution for the given homework problem.
I'll go through each market structure and fill in the appropriate characteristics for number of firms, entry and exit into the market, influence over price, advertising done by firms, product differences, and example firms. **Perfectly Competitive Markets**
Step 2
Number of Firms: Many small
Final Answer
Perfect Competition: Many small firms, very easy entry/exit, no influence over price, no or little advertising, identical products, example firms: city, water, gas, strawberries Monopolistic Competition: Many firms of various sizes, easy entry/exit, very little influence over price, little or extensive advertising, many differentiated products, example firms: fast food, clothing stores, electronics manufacturers Oligopoly: Few large firms, very difficult or almost impossible entry/exit, large or very little influence over price, little or extensive advertising, few differentiated products, example firms: automobile manufacturers, smartphone manufacturers, cable TV providers Monopoly: One firm, almost impossible entry/exit, total control over price, no advertising, little, or extensive advertising, one product or few differentiated products, example firms: public utilities, cable TV providers, Amazon (in some markets)
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