Match the definition with the type of market structure. Column A 1. 2. 3. 4. - A market with no barriers to entry and a small number of price-setting firms. A market with significant barriers to entry and a small number of price-setting firms. A market with significant barriers to entry and a single price-setting firm. A market with no barriers to entry and a large number of price-taking firms. Column B a. monopoly b. monopolistic competition c. oligopoly d. perfect competition

Match the definition with the type of market structure. Column A 1. 2. 3. 4. - A market with no barriers to entry and a small number of price-setting firms. A market with significant barriers to entry and a small number of price-setting firms. A market with significant barriers to entry and a single price-setting firm. A market with no barriers to entry and a large number of price-taking firms. Column B a. monopoly b. monopolistic competition c. oligopoly d. perfect competition

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 11PAE

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Compare the elasticity of a monopolistic competitor’s demand with that of a pure competitor and a pure monopolist. Assuming identical long-run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative efficiency. Explain: “Monopolistically competitive industries are populated by too many firms, each of which produces too little.”
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