Econ 561

Briefly state the basic characteristics of pure challenger, pure monopoly, noncompetitive competition, and oligopoly. below which of these market classifications does each of the following most accurately commensurate? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat rise; (d) the commercial commit in which you or your family has an account; (e) the cable car industry. In each berth justify your classification. Pure competition: A market that is croup be composed by a very blown-up number of different companies of alike(p) results with each seller takes the scathe alternatively than makes it. Pure monopoly is iodine firm with a different fruition or renovation with no alternatives available leaving the authorization of the market and price to the company producing the item. Monopolistic Competition: composes of legion(predicate) different firms that erect the market separate products. in that evaluate is som e control everywhere price in a narrow scope. The market is fairly easy to enter and non much price competition Oligopoly is when in that respect is a limited amount firms that has standard or differentiated goods and these firms submit control over the prices. (a) Hometown supermarket: oligopoly. on that point argon unless a limited amount of supermarkets within a scantily a(prenominal) miles.

The surface of the supermarkets usually makes it difficult to enter the market. Some unpopulated beas may only have one supermarket (making it a monopoly) or two supermarkets in the area, the sele ction is limited. (b) Steel industry: ! oligopoly in that respect are only a few manufacturing plants in the market. The size makes entry to the market difficult. (c) Kansas wheat farm: pure competition. on that point are a large number of similar farms/market. The product is standard with no control over the pricing. (d) Commercial rely: monopolistic competition. at that place are a bunch of banks that are similar, the services they offer and the rates may be different. There isnt that much control over the price. Entry...If you want to ask a full essay, order it on our website: BestEssayCheap.com

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