Answered: Market Structure Number of Firms 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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Market Structure	Number of Firms	Type of Product Sold	Price Taker?	Price Formula	Freedom of Entry?	Short-run Profit?	Long-run Profit?	Industry Examples
Perfect Competition	Choose an item. A.infinite B.many C.Few dominante firms D.One	Choose an item. A.Unique B.differentiated C. Identical D.Differentiated or identical	Choose an item. A.yes B. NO	Choose an item. A.P=MC B.P>MC C.P<MC	Choose an item. A. YES B.NO	Choose an item. A.YES B.No	Choose an item. A. Yes B. No	[Insert two to three example industries that meet the criteria of the market structure.]
Monopolistic Competition	Choose an item. A. Infinte B.Many C. Few dominant firms D. One	Choose an item. A. Unique B.Differentiated C. Identical D.Differentiated or Identical	Choose an item. A. Yes B. No	Choose an item. A.P=MC B.P>MC C. P<MC	Choose an item. A. Yes B NO	Choose an item. A. Yes B. No	Choose an item. A. Yes B. No	[Insert two to three example industries that meet the criteria of the market structure.]
Monopolies	Choose an item. A. Infinte B.Many C. Few Dominant firms D. One	Choose an item. A. Unique B.Differentiated c. Identical D.Differentiated or Identical	Choose an item. A. Yes B. No	Choose an item. A. P=Mc B. P>MC C. P<Mc	Choose an item. A. Yes B. No	Choose an item. A. yes B. No	Choose an item. A. Yes B. No	[Insert two to three example industries that meet the criteria of the market structure.]
Oligopolies	Choose an item. A. Infinte B. Many C. Few dominant firms D, one	Choose an item. A. Unique B.Differentiated C. Identical D.Differentiated or Identical	Choose an item. A. Yes B. No	Choose an item. A P=MC B P>MC C P< Mc	Choose an item. A. Yes B. No	Choose an item. A. Yes B NO	Choose an item. A. Yes B. No	[Insert two to three example industries that meet the criteria of the market structure.]

Market Structure

Number of Firms

Type of Product Sold

Price Taker?

Price Formula

Freedom of Entry?

Short-run Profit?

Long-run Profit?

Industry Examples

Perfect Competition

Choose an item.

A.infinite

B.many

C.Few dominante firms

D.One

Choose an item.

A.Unique

B.differentiated

C. Identical

D.Differentiated or identical

Choose an item.

A.yes

B. NO

Choose an item.

A.P=MC

B.P>MC

C.P<MC

Choose an item.

A. YES

B.NO

Choose an item.

A.YES

B.No

Choose an item.

A. Yes

B. No

[Insert two to three example industries that meet the criteria of the market structure.]

Monopolistic Competition

Choose an item.

A. Infinte

B.Many

C. Few dominant firms

D. One

Choose an item.

A. Unique

B.Differentiated

C. Identical

D.Differentiated or Identical

Choose an item.

A. Yes

B. No

Choose an item.

A.P=MC

B.P>MC

C. P<MC

Choose an item.

A. Yes

B NO

Choose an item.

A. Yes

B. No

Choose an item.

A. Yes

B. No

[Insert two to three example industries that meet the criteria of the market structure.]

Monopolies

Choose an item.

A. Infinte

B.Many

C. Few Dominant firms

D. One

Choose an item.

A. Unique

B.Differentiated

c. Identical

D.Differentiated or Identical

Choose an item.

A. Yes

B. No

Choose an item.

A. P=Mc

B. P>MC

C. P<Mc

Choose an item.

A. Yes

B. No

Choose an item.

A. yes

B. No

Choose an item.

A. Yes

B. No

[Insert two to three example industries that meet the criteria of the market structure.]

Oligopolies

Choose an item.

A. Infinte

B. Many

C. Few dominant firms

D, one

Choose an item.

A. Unique

B.Differentiated

C. Identical

D.Differentiated or Identical

Choose an item.

A. Yes

B. No

Choose an item.

A P=MC

B P>MC

C P< Mc

Choose an item.

A. Yes

B. No

Choose an item.

A. Yes

B NO

Choose an item.

A. Yes

B. No

[Insert two to three example industries that meet the criteria of the market structure.]

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