Fill in the table and use your answers to the questions to figure out which market type each business fits into. Below you are given potential answers to questions 3 through 9 on each table and one example table. Please fill the whole table. 1. Business  Thomas Law Offices 2. Industry   3. Size of Market   4. Number of Buyers   5. Number of Sellers   6. Product Type   7. Barriers to Entry   8. If high, why?   9. Market Type

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Fill in the table and use your answers to the questions to figure out which market type each business fits into. Below you are given potential answers to questions 3 through 9 on each table and one example table.

Please fill the whole table.

1. Business

 Thomas Law Offices

2. Industry

 

3. Size of Market

 

4. Number of Buyers

 

5. Number of Sellers

 

6. Product Type

 

7. Barriers to Entry

 

8. If high, why?

 

9. Market Type

 

POTENTIAL ANSWERS
3. Size of Market
Global, National, Regional, Local
4. Number of Buyers Many or Few
5. Number of Sellers Many, Few or One
6. Product Type
Identical, Differentiated, Unique
7. Barriers to Entry
8. If high, why?
High, Medium or Low
Control Over Resources, Economies of Being Established,
Economies of Scale, Legal Barriers (patents, licenses, ect.),
Required Scale for Innovation, Economies of Platform
9. Market Type
Perfect Competition, Monopolistic Competition, Oligopoly,
Monopoly
1. Business
Bank of America
2. Industry
3. Size of Market
4. Number of Buyers Many
5. Number of Sellers Four major banks
6. Product Type
7. Barriers to Entry
Banking
National
Differentiated by customer service
High
Legal Barriers, Economies of Being Established, Economies
of Scale
8. If high, why?
9. Market Type
Oligopoly
Transcribed Image Text:POTENTIAL ANSWERS 3. Size of Market Global, National, Regional, Local 4. Number of Buyers Many or Few 5. Number of Sellers Many, Few or One 6. Product Type Identical, Differentiated, Unique 7. Barriers to Entry 8. If high, why? High, Medium or Low Control Over Resources, Economies of Being Established, Economies of Scale, Legal Barriers (patents, licenses, ect.), Required Scale for Innovation, Economies of Platform 9. Market Type Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly 1. Business Bank of America 2. Industry 3. Size of Market 4. Number of Buyers Many 5. Number of Sellers Four major banks 6. Product Type 7. Barriers to Entry Banking National Differentiated by customer service High Legal Barriers, Economies of Being Established, Economies of Scale 8. If high, why? 9. Market Type Oligopoly
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