| Chapters 12-15: Four Market Structure Comparison | 20 points |
| Chapter Assignment | Please "Wrap Text" and make sure your rows are wide enough :) Thank you! |
| Given the categories identified in the first column, what are the specific Market Structure characteristics. |
| EXTRA CREDIT if you can accurately complete the last 2 rows referring to Economic Profit of the Market |
| Market Structures => Characteristics | Perfect Competition | Monopolistic Competition | Oligopoly | Pure Monopoly |
| 1 | Condition of Entry to the Market |
| 2 | Firm's Control over the Market |
| 3 | Number of Firms |
| 4 | Price Elasticity of Demand |
| 5 | Product Characteristics |
| EC | Economic Profit in Short Run |
| Positive, Negative, Zero (can be more than one) |
| EC | Economic Profit in Long Run |
| Positive, Negative, Zero (can be more than one) |
| Use these entries to fill lines 1 - 5 (some entries used twice) | Small amount of market power | Difficult entry | More elastic | Complete market power |
| Identical or differentiated product | Single seller | Identical product | Highly inelastic |
| Unique product | No market power | Easy entry & exit | Price taker |
| Small # of sellers | Large amount of market power | Impossible entry | Differentiated Product |
| More inelastic | Price maker | Large # of sellers | Highly elastic |
all4jasmine
Chapter_12-15_DropBoxAssignment_SP19_Micro.xlsx
