Characteristics...Each category has 3 items. Sort by Number of firms, Type of Product, Ease of Entry
very many firms
many firms
few firms
one firm
homogeneous products
differentiated products
homogeneous or differentiated products
only one product
very easy to enter
relatively easy to enter
not easy to enter
impossible to enter
Oligopoly
Monopoly
Perfect Competition
Monopolistic Competition
Sort the following items based on price setting power and nonprice competition (aka advertising)
Price Taker
Some price making-but eventually the firms take the price
the firms follow the lead firm's price
they are absolute, they SET the price since they are the market
No advertising
A lot of advertising
A lot of advertising if they have a differentiated product
Some Advertising
Monopoly
Monopolistic Competition
Oligopoly
Perfect Competition
Sort the following into the 4 market structures. Sort by Efficiency, Long Run Profits and Examples.
A lot of efficiency
No efficiency
$0
Agriculture
Fast Food
Cars
Rural Gas Station
+ Profits
++++++++++++ PROFITS!!!!!!
Monopolistic Competition
Perfect Competition
Monopoly
Oligopoly