For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four providers is of the same speed. Almost everyone in the city already has broadband, so any potential new company would have to engage in a price war with the existing companies and would be unlikely to cover its costs for years, if ever. A publishing company owns the U.S. copyright to a popular series of books. It is the only company with the legal right to publish these books in the United States. Number of Firms Many Type of Product Identical Differentiated Identical Unique Market Model Perfect Competition

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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2. Market structures
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching
entry for each dropdown box in the following table.
Scenario
There are hundreds of colleges and universities that serve
millions of college students each year. The colleges vary by
location, size, and educational quality, which allows students
with diverse preferences to find schools that match their needs.
Dozens of companies produce plain white socks. Consumers
regard plain white socks as identical and don't care about who
sells them their socks. The technology for producing socks is
widely known, and any reputable person who wanted to start a
sock manufacturing business could obtain a loan from a bank to
buy the necessary machinery.
In a small town, there are four providers of broadband Internet
access: a cable company, the phone company, and two satellite
companies. The Internet access offered by all four providers is of
the same speed. Almost everyone in the city already has
broadband, so any potential new company would have to engage
in a price war with the existing companies and would be unlikely
to cover its costs for years, if ever.
A publishing company owns the U.S. copyright to a popular
series of books. It is the only company with the legal right to
publish these books in the United States.
Number of
Firms
Many
Type of Product
Identical
Differentiated
Identical
Unique
Market Model
Perfect Competition
Transcribed Image Text:2. Market structures For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four providers is of the same speed. Almost everyone in the city already has broadband, so any potential new company would have to engage in a price war with the existing companies and would be unlikely to cover its costs for years, if ever. A publishing company owns the U.S. copyright to a popular series of books. It is the only company with the legal right to publish these books in the United States. Number of Firms Many Type of Product Identical Differentiated Identical Unique Market Model Perfect Competition
2. Market structures
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching
entry for each dropdown box in the following table.
Scenario
There are hundreds of colleges and universities that serve
millions of college students each year. The colleges vary by
location, size, and educational quality, which allows students
with diverse preferences to find schools that match their needs.
Dozens of companies produce plain white socks. Consumers
regard plain white socks as identical and don't care about who
sells them their socks. The technology for producing socks is
widely known, and any reputable person who wanted to start a
sock manufacturing business could obtain a loan from a bank to
buy the necessary machinery.
In a small town, there are four providers of broadband Internet
access: a cable company, the phone company, and two satellite
companies. The Internet access offered by all four providers is of
the same speed. Almost everyone in the city already has
broadband, so any potential new company would have to engage
in a price war with the existing companies and would be unlikely
to cover its costs for years, if ever.
A publishing company owns the U.S. copyright to a popular
series of books. It is the only company with the legal right to
publish these books in the United States.
Number of
Firms
Many ▼
One
Few
Many
Type of Product
Identical
Market Model
Perfect Competition
2. Market structures
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching
entry for each dropdown box in the following table.
Scenario
There are hundreds of colleges and universities that serve
millions of college students each year. The colleges vary by
location, size, and educational quality, which allows students
with diverse preferences to find schools that match their needs.
Dozens of companies produce plain white socks. Consumers
regard plain white socks as identical and don't care about who
sells them their socks. The technology for producing socks is
widely known, and any reputable person who wanted to start a
sock manufacturing business could obtain a loan from a bank to
buy the necessary machinery.
In a small town, there are four providers of broadband Internet
access: a cable company, the phone company, and two satellite
companies. The Internet access offered by all four providers is of
the same speed. Almost everyone in the city already has
broadband, so any potential new company would have to engage
in a price war with the existing companies and would be unlikely
to cover its costs for years, if ever.
A publishing company owns the U.S. copyright to a popular
series of books. It is the only company with the legal right to
publish these books in the United States.
Number of
Firms
Many
Type of Product
Identical
Market Model
Perfect Competition
Monopolistic Competition
Monopoly
Oligopoly
Perfect Competition
Transcribed Image Text:2. Market structures For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four providers is of the same speed. Almost everyone in the city already has broadband, so any potential new company would have to engage in a price war with the existing companies and would be unlikely to cover its costs for years, if ever. A publishing company owns the U.S. copyright to a popular series of books. It is the only company with the legal right to publish these books in the United States. Number of Firms Many ▼ One Few Many Type of Product Identical Market Model Perfect Competition 2. Market structures For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four providers is of the same speed. Almost everyone in the city already has broadband, so any potential new company would have to engage in a price war with the existing companies and would be unlikely to cover its costs for years, if ever. A publishing company owns the U.S. copyright to a popular series of books. It is the only company with the legal right to publish these books in the United States. Number of Firms Many Type of Product Identical Market Model Perfect Competition Monopolistic Competition Monopoly Oligopoly Perfect Competition
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Step 1

Pure/perfect competition, monopolies, oligopolies, and monopolistic competition are the four primary market arrangements in which businesses operate. The number of firms participating in each style of competition as well as other criteria vary.

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