Comparing Market Types Special Traits Kind of Another Name for Number of Producers Type of Market Barriers to Entry Competition Firms One None No entry possible Price-setter Only one firm Monopoly Primarily non-price competition Medium barriers (difficult entry) Firms can collude and behave as a monopolist Oligopoly A few N/A Non-price competition; price competition Product differentiation and branding Low barriers Monopolistic Competition Many Price-maker (easy entry) Perfect Competition No barriers (free entry) Perfectly elastic demand Agreat many Price competition Price-taker Using the chart above, if you were a buyer (consumer) which of the four market structures would you want to buy from? Explain the benefits that come from this level of competition.
Comparing Market Types Special Traits Kind of Another Name for Number of Producers Type of Market Barriers to Entry Competition Firms One None No entry possible Price-setter Only one firm Monopoly Primarily non-price competition Medium barriers (difficult entry) Firms can collude and behave as a monopolist Oligopoly A few N/A Non-price competition; price competition Product differentiation and branding Low barriers Monopolistic Competition Many Price-maker (easy entry) Perfect Competition No barriers (free entry) Perfectly elastic demand Agreat many Price competition Price-taker Using the chart above, if you were a buyer (consumer) which of the four market structures would you want to buy from? Explain the benefits that come from this level of competition.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Comparing Market Types
Another Name for
Firms
Special
Traits
Number of
Kind of
Type of Market
Barriers to Entry
Producers
Competition
One
None
No entry possible
Price-setter
Only one firm
Monopoly
Primarily non-price
competition
Firms can collude
and behave as a
monopolist
Medium barriers
Oligopoly
A few
(difficult entry)
N/A
Non-price
competition; price
competition
Product
differentiation and
branding
Low barriers
Monopolistic
Competition
Many
(easy entry)
Price-maker
No barriers
(free entry)
Perfectly elastic
demand
Perfect
A great many
Price competition
Price-taker
Competition
Using the chart above, if you were a buyer (consumer) which of the four market structures
would you want to buy from? Explain the benefits that come from this level of
competition.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6a4256c-a971-4c4d-8667-f19613479aa6%2F8e3a2645-8213-4396-8b62-e0976717c3c1%2Fk8robhv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Comparing Market Types
Another Name for
Firms
Special
Traits
Number of
Kind of
Type of Market
Barriers to Entry
Producers
Competition
One
None
No entry possible
Price-setter
Only one firm
Monopoly
Primarily non-price
competition
Firms can collude
and behave as a
monopolist
Medium barriers
Oligopoly
A few
(difficult entry)
N/A
Non-price
competition; price
competition
Product
differentiation and
branding
Low barriers
Monopolistic
Competition
Many
(easy entry)
Price-maker
No barriers
(free entry)
Perfectly elastic
demand
Perfect
A great many
Price competition
Price-taker
Competition
Using the chart above, if you were a buyer (consumer) which of the four market structures
would you want to buy from? Explain the benefits that come from this level of
competition.
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