Briefly indicate the basic characteristics of perfect competition

BUS 210 Ch

Briefly indicate the basic characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly.  Under which of these market classifications does each of the following most accurately fit?  (a) a supermarket in your home town; (b) the steel industry; (c) a Saskatchewan  wheat farm; (d) the chartered bank in which you or your family has an account; (e) the automobile industry.  In each case justify your classification.

Perfect competition: very large number of firms; standardized products; no control over price: price takers; no obstacles to entry; no non-price competition.

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