a. Identify the basic characteristics of each of the following market models: Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers i. Pure competition: ?Very large number of firms One firm No control over price Many obstacles to entry | ?nonprice competition ii. Pure monopoly One firm ?Few firms Unique product Easy entry Much control over price ii. Monopolistic competition: ?Differentiated products ? Many firms Unique product ?Difficult entry Some price control iv. Oligopoly: Few firms ? nonprice competition Many obstacles to entry ?No control over price One firm

a. Identify the basic characteristics of each of the following market models: Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers i. Pure competition: ?Very large number of firms One firm No control over price Many obstacles to entry | ?nonprice competition ii. Pure monopoly One firm ?Few firms Unique product Easy entry Much control over price ii. Monopolistic competition: ?Differentiated products ? Many firms Unique product ?Difficult entry Some price control iv. Oligopoly: Few firms ? nonprice competition Many obstacles to entry ?No control over price One firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

hey

i was doing my econ homeowrk to study for my test and I wanted help with number one just to be sure that i am doing it correctly.

thanks

a. Identify the basic characteristics of each of the following market models:
Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for
the wrong answers
i. Pure competition:
?Very large number of firms
One firm
No control over price
Many obstacles to entry
| ?nonprice competition
ii. Pure monopoly
One firm
?Few firms
Unique product
Easy entry
Much control over price

ii. Monopolistic competition:
?Differentiated products
? Many firms
Unique product
?Difficult entry
Some price control
iv. Oligopoly:
Few firms
? nonprice competition
Many obstacles to entry
?No control over price
One firm

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