Need in 5 hours-Economics Worksheet
Market Types Worksheet
BSA110: Introduction to Economics
Name: [Type your name here.]
Complete the following table by filling in each of the empty cells. In each cell, include a brief description of how the characteristic listed in the left-hand column influences market dynamics, as well as the practices and strategies of firms within the market. The first cell has been completed as an example.
Submit this completed worksheet to your instructor.
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Characteristic |
Pure Competition |
Monopolistic Competition |
Oligopoly |
Monopoly |
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Number of buyers |
Unlimited number of buyers, such that no one buyer has any control over the market price; in other words, the buyers or consumers are price takers. This means they can buy as much or as little as they want at the fixed market price facing an individual consumer. |
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Number of sellers |
Unlimited number of sellers, such that no one seller has any control over the market price; in other words, the sellers or producers are price takers. This means they can sell as much or as little as they want at the fixed market price facing an individual firm. |
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Degree of product differentiation |
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Ease of entry |
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