Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain the answers.a. wooden no. 2 pencilsb. copperc. local electricity serviced. peanut buttere. lipstick

Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain the answers.a. wooden no. 2 pencilsb. copperc. local electricity serviced. peanut buttere. lipstick

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

Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain the answers.
a. wooden no. 2 pencils
b. copper
c. local electricity service
d. peanut butter
e. lipstick

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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