Micro 4.1-Market Structures Matching
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Last updated about 1 year ago
3 questions
1
Characteristics...Each category has 3 items. Sort by Number of firms, Type of Product, Ease of Entry
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
1
Sort the following items based on price setting power and nonprice competition (aka advertising)
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
1
Sort the following into the 4 market structures. Sort by Efficiency, Long Run Profits and Examples.
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