Sapling Learning macmillan learning Place the labels to describe the properties

Question

Sapling Learning macmillan learning Place the labels to describe the properties of each market structure. Note, not all labels need be used Zero long run profits Efficient quantity produced Free entry and exit Monopoly Barriers to entry Zero long run profits Efficient quantity produced Negative long run profits Positive long run profits Efficient quantity not produced Free entry and exit Duopoly with collusion Barriers to entry Monopolistic Competition Negative long run profits Barriers to entry Perfect Competition Positive long run profits Efficient quantity not produced Barriers to entry Incorrect. What are the benefits of being a single producer of a good? Double check your other answers too

Explanation / Answer

(a) Monopoly:

- Barriers to entry

- Positive long run profits

- Efficient quantity not produced

(b) Duopoly with collusion:

- Barriers to entry

- Positive long run profits

- Efficient quantity not produced

(c) Monopolistic competition

- Zero long run profit

- Efficient quantity not produced

- Free entry and exit

(d) Perfect competition

- Zero long run profit

- Efficient quantity produced

- Free entry and exit

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