This exercise contrasts monopoly, oligopoly, monopoly summarizes their differenc

Question

This exercise contrasts monopoly, oligopoly, monopoly summarizes their differences. In Table 24.1 select the appropriate answer given in parentheses the right. MIC competition, and competition, and at left and fill in ,he blanks on table 24.1 characteristics of four types of industries Monopolistic competition Monopoly Oligopoly Competition Characteristic How many firms are there? (Many, few, one) Product is (standardized, differentiated, unique) Entry is_ (blockaded, impeded, easy) Is there market power? Conduct Do firms use marginal cost pricing? Is there the possibility of collusion, price leadership, or price wars? Performance (long run) Are prices too high? Is industry production too low? Is the industry efficient? Are profits greater than normal expected in the long run?

Explanation / Answer

2: Unique, standardised, standardised, differentiated

3: blockaded, impeded,easy,easy.

4: yes, No, No, No.

%; yes, No, Yes, No

6: No, Yes, No,No

7: Yes, no, no, no

8: no, no, Yes, no

9: No, No, yes, yes

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