What market structure are each of the below. Mark as follows: PC for perfect com

Question

What market structure are each of the below. Mark as follows: PC for perfect competition MC for monopolistic competition O for oligopoly M for monopoly Cosmetics Quick Lube service stations Gasoline stations Wheat Oil industry Clothing shops Colas Wholesale flower market Pharmacies Stock market Mark E for explicit cost and I for implicit cost This a person trying to determine the opportunity cost of going to school instead of working. What are the total opportunity cost for the person Tuition $7,000 Books/supplies 1,000 Foregone salary $35,000 Home computer 1,500

Explanation / Answer

Ans:

1)

3)

Explicit cost are expenses incurred in the cource of carrying out an activity or business operations.  

Implicit cost is the benefit forgone from an alternative if another alternative is choosen.which is also known as opportunity cost.

Total opportunity cost = $35000

Particulars Market structure Cosmetics oligopoly Quick tube service stations perfect competition Gasoline stations Oligopoly Wheat perfect competition Oil industry monopoly clothing shops perfect competition Colas perfect competition Film monopolistic competition wholesale flower market perfect competition pharmacies oligopoly stock market oligopoly

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