0 See Hint So far, you have studied two market structures: perfect competition a

Question

0 See Hint So far, you have studied two market structures: perfect competition and monopoly. You are now studying monopolistic competition. As the name suggests, monopolistic competition falls between monopoly and perfect competition. Assign the characteristics listed below to the appropriate market structure. Items (8 items) (Drag and drop into the appropriate area below) free entry and exit one seller price equals marginalr significant barriers to entry and exit low barrierstodi entry and exit pr Categories SUBMIT ANSWER Accounting/128RA..Daly Log of Empo... . Apr Gas Tracker .. 5:55 PM Smoth 5

Explanation / Answer

The monoploy is characterized by a single seller and the there is significant barriers to entry and exit, where in the monopolistic competition there is many sellers with differentiated products. In the perfect competition there is large number of firms selling similiar products.

Monopolistic competition Perfect competition Monopoly

• Low barriers to entry and exit.
• Differentiate d products.
• Possible short run profits and no long run profits.

• Free entry and exit
• price equals marginal revenue
• Similiar products.

• Significant barriers to entry and exit
• one seller.

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