Please summarize this **Structure**As we first noted in Table 11.1, the distinguishing structural characteristic of **monopolistic competition** is that there are *many* firms in an industry. “Many” isn’t an exact specification, of course. It’s best understood as lying somewhere between the few that characterize oligopoly and the hordes that characterize perfect competition. **Market Structure Overview**The table provides a detailed comparison of different market structures based on key characteristics such as the number of firms, barriers to entry, market power, and the type of product.1. **Perfect Competition** - **Number of firms:** Very large number - **Barriers to entry:** None - **Market power (control over price):** None - **Type of product:** Standardized2. **Monopolistic Competition** - **Number of firms:** Many - **Barriers to entry:** Low - **Market power (control over price):** Some - **Type of product:** Differentiated3. **Oligopoly** - **Number of firms:** Few - **Barriers to entry:** High - **Market power (control over price):** Substantial - **Type of product:** Standardized or differentiated4. **Duopoly** - **Number of firms:** Two - **Barriers to entry:** High - **Market power (control over price):** Substantial - **Type of product:** Standardized or differentiated5. **Monopoly** - **Number of firms:** One - **Barriers to entry:** High - **Market power (control over price):** High - **Type of product:** Unique**Note:** This table is labeled as Table 11.1.

In economics, people study about different forms of the market based on the different features that make them unique from each other.In the given table, five types of market forms are given, and they are distinguished on the basis of no. of firms, entry and exit barriers, market power, and the type of product. It can be said that the perfectly competitive market has the highest degree of competition with many firms that are price takers and have no entry barrier, and the monopoly market has no competition with a single firm that is a price maker and has high entry barriers. Monopolistic, oligopoly, and duopoly are the markets with less competition and firms in these markets are price searchers with some entry barriers.

Business

Economics

Market Structure Perfect Monopolistic Competition Characteristic Competition Oligopoly Duopoly Monopoly Number of firms Very large number Many Few Two One Barriers to entry None Low High High High Market power (control over price) Type of product None Some Substantial Substantial Substantial Standardized Differentiated Standardized or Standardized or Unique differentiated differentiated

Market Structure Perfect Monopolistic Competition Characteristic Competition Oligopoly Duopoly Monopoly Number of firms Very large number Many Few Two One Barriers to entry None Low High High High Market power (control over price) Type of product None Some Substantial Substantial Substantial Standardized Differentiated Standardized or Standardized or Unique differentiated differentiated

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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