ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 10, Problem 4.12P
To determine
Whether each of the following is a characteristic of
- A large number of sellers
- Product is a commodity
- Advertising by firms
- Barriers to entry
- Firms are
price makers
Concept Introduction:
Perfect Competition: Perfect Competition describes a market structure in which the number of buyers and sellers is very large, and the competition among sellers is at its greatest possible level.
Monopolistic Competition: Monopolistic competition is a type of competition where producers offer products that are differentiated from one another (e.g. by quality).
Oligopoly: Oligopoly refers to a market which is dominated by a small number of large sellers (oligopolists). Oligopoly has its own market structure.
Monopoly: Monopoly refers to a market structure where there is a single seller who is engaged in selling a unique product in the market.
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