### Understanding Market Types**Happy Economics Mentor:**> That is correct!**Kim:**> Okay, I think we can now determine what kind of market you operate in.**Kim:**> There are four main types of markets: perfectly competitive, monopolistically competitive, oligopolies, and monopolies.**Kim:**> The corn market -- an agricultural market -- is which kind of market?### Multiple Choice Question- A monopolistically competitive market- An oligopoly- A perfectly competitive market- A monopolyThe above dialogue and question are part of an educational module designed to help students understand different market structures.**Explanation:**- **Monopolistically Competitive Market:** A market structure with many firms selling products that are similar but not identical.- **Oligopoly:** A market structure with a small number of firms, whose behavior is interdependent.- **Perfectly Competitive Market:** A market structure with many firms selling identical products, where no single firm can influence the market price.- **Monopoly:** A market structure with a single firm that controls the entire market.**Activity:**Students are prompted to determine which type of market the corn market belongs to. This is typically used to reinforce learning about market structures by applying it to real-world examples.

In an economy, markets are mainly classified into four types based on the features of a product.

Mentor Okay, I think we can now determine what kind of market you operate in. Kim There are four main types of markets: perfectly competitive, monopolistically competitive, oligopolies, and monopolies. Kim The corn market- an agricultural market - is which kind of market? Kim a monopolistically competitive market an oligopoly a perfectly competitive market a monopoly

Mentor Okay, I think we can now determine what kind of market you operate in. Kim There are four main types of markets: perfectly competitive, monopolistically competitive, oligopolies, and monopolies. Kim The corn market- an agricultural market - is which kind of market? Kim a monopolistically competitive market an oligopoly a perfectly competitive market a monopoly

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

In economics, what is the term for a market with only one seller, producing a unique product with no close substitutes? A. Oligopoly B. Monopolistic competition C. Perfect competition D. Monopoly
Q. 2
Q.3 Briefly answer the following questions with the help of examples where necessary: a. Can a monopolist set the price whatever it wants to? b. Why does a perfectly competitive firm cannot control the price? c. How perfectly competitive firm is different from monopolistic competitive firm? d. Give 2 examples of product that approximates oligopoly in Pakistan?
If south africa increased its production by 1,000 diamonds while russia stuck to the cartel agreement, south africa's profit would Increase or decrease . Why are cartel agreement often not successful? choose on below: a. one party has an incentive to cheat to make more profit. b. different firms experience different cost c. all parties would make more money if everyone increased production
Economists recognize all of the following market types except ________. Select one: a. oligopolistic competition b. monopoly c. oligopolistic monopoly d. monopolistic competition e. pure competition
Some analysts consider oligopolies to be potentially less efficient than monopoly firms because at least monopoly firms tend to be regulated. Arguments in favor of a more benign view of oligopolies include a. Oligopolies are self-regulating. b. Oligopolies can be kept in line by foreign competition. c. Oligopolistic industries may promote technological progress. d. Oligopolies may enga
Ans
If Amazon sells dozens of similar types of pencils at slightly different prices, we might assume the pencil market is _________. Select one: a. an oligopoly. b. a monopolistically competitive market. c. a monopoly. d. a perfectly competitive market.
Can you do a & b please
Why do oligopolies exist? Do oligopolies exist due to ? a. market failure b. barriers to entry c. economic profit d. intense competition
write one to two pages : Describe in your own words the concept of market power
Attempts 6. Oligopolies This chapter discusses companies that are oligopolists in the market for the goods they sell. Many of the same ideas apply to companies that are oligopolists in the market for the inputs they buy. If sellers who are oligopolists try to increase the price of goods they sell, the goal of buyers who are oligopolists is to try to decrease the prices of goods they buy. Major league baseball team owners have an oligopoly in the market for baseball players. The owners' goal is to keep players' salaries. Keep the Highest/3 True or False: This goal difficult to achieve because baseball players demand more money. O True O False Baseball players went on strike in 1994 because they would not accept the salary cap that the owners wanted to impose. True or False: The owners felt the need for a salary cap to help prevent any team from cheating. O True O False