We studied 6 market forms this semester (PERFECT COMPETITION, ILLEGAL MONOPOLY,

Question

We studied 6 market forms this semester (PERFECT COMPETITION, ILLEGAL MONOPOLY, OLIGOPOLY, CARTEL AND MONOPOLISTIC COMPETITION. For each statement (19) through (25) you write the name of the market form that fits the statement: 19) This market has very small firms and a homogeneous product 20) This market form has very small firms but does NOT have a homogeneous product 21) This market form has a small number of firms with big market shares 22) This market form will sell at the Socially Optimal price in the long run.

Explanation / Answer

19) This market has very small firms and a homogeneous product : PERFECT COMPETITION

20) This market form has very small firms but does NOT have a homogeneous product: MONOPOLISTIC COMPETITION

21) This market form has a small number of firms with big market shares : OLIGOPOLY

22) This market form will sell at the Socially Optimal price in the long run: MONOPOLISTIC COMPETITION

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