Perfect Competition Monopolistic Competition Oligopoly Monopoly Number of firms

Question

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

Number of firms

Differentiated or homogeneous product?

Barriers to entry?

Slope of demand curve for the firm?

Are profits possible in the short run?

Are profits possible in the long run?

What is the relationship between P and MC in the short run?

What is the relationship between P and MC in the long run?

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

Number of firms

Differentiated or homogeneous product?

Barriers to entry?

Slope of demand curve for the firm?

Are profits possible in the short run?

Are profits possible in the long run?

What is the relationship between P and MC in the short run?

What is the relationship between P and MC in the long run?

Explanation / Answer

Number of firms

many

many

few

Differentiated or homogeneous product?

homogeneous

Differentiated

Differentiated or homogeneous

Barriers to entry?

none

none

high

Slope of demand curve for the firm?

horizontal

downward

downward

Are profits possible in the short run?

Yes

Yes

Yes

Are profits possible in the long run?

No

yes

yes

What is the relationship between P and MC in the short run?

P = MC

P > MC

P > MC

What is the relationship between P and MC in the long run?

P = MC

P > MC

P > MC

Perfect Competition Monopolistic Competition Oligopoly Monopoly

Number of firms

many

many

few

one

Differentiated or homogeneous product?

homogeneous

Differentiated

Differentiated or homogeneous

one type

Barriers to entry?

none

none

high

high

Slope of demand curve for the firm?

horizontal

downward

downward

downward

Are profits possible in the short run?

Yes

Yes

Yes

Yes

Are profits possible in the long run?

No

yes

yes

yes

What is the relationship between P and MC in the short run?

P = MC

P > MC

P > MC

P > MC

What is the relationship between P and MC in the long run?

P = MC

P > MC

P > MC

P > MC

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