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 Offices2. 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 ANSWERS3. Size of MarketGlobal, National, Regional, Local4. Number of Buyers Many or Few5. Number of Sellers Many, Few or One6. Product TypeIdentical, Differentiated, Unique7. Barriers to Entry8. If high, why?High, Medium or LowControl Over Resources, Economies of Being Established,Economies of Scale, Legal Barriers (patents, licenses, ect.),Required Scale for Innovation, Economies of Platform9. Market TypePerfect Competition, Monopolistic Competition, Oligopoly,Monopoly1. BusinessBank of America2. Industry3. Size of Market4. Number of Buyers Many5. Number of Sellers Four major banks6. Product Type7. Barriers to EntryBankingNationalDifferentiated by customer serviceHighLegal Barriers, Economies of Being Established, Economiesof Scale8. If high, why?9. Market TypeOligopoly

A business is an enterprise that engages in the production or transactions of goods and services…

Answered: Fill in the table and use your answers…

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

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