Econ 561

Briefly state the basic characteristics of pure challenger, pure monopoly, noncompetitive competition, and oligopoly. below which of these market classifications does each of the following most accurately commensurate? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat rise; (d) the commercial commit in which you or your family has an account; (e) the cable car industry. In each boldness justify your classification. Pure competition: A market that is stooge be composed by a very bigger number of different companies of alike(p) results with each seller takes the scathe kind of than makes it. Pure monopoly is iodine firm with a different convergence or renovation with no alternatives available leaving the work of the market and price to the company producing the item. Monopolistic Competition: composes of many different firms that erect the market separate mathematical products. in that admire is some control ev erywhere price in a narrow scope. The market is fairly easy to enter and non much price competition Oligopoly is when in that respect is a limited amount firms that has standard or differentiated goods and these firms be in possession of control over the prices. (a) Hometown supermarket: oligopoly. on that point argon however a limited amount of supermarkets within a precisely a(prenominal) miles.

The sizing of the supermarkets usually makes it difficult to enter the market. Some solitary beas may only have one supermarket (making it a monopoly) or two supermarkets in the area, the selecti on is limited. (b) Steel industry: oli! gopoly on that point are only a few manufacturing plants in the market. The size makes entry to the market difficult. (c) Kansas wheat farm: pure competition. on that point are a large number of similar farms/market. The product is standard with no control over the pricing. (d) Commercial pious platitude: monopolistic competition. on that point are a bunch of banks that are similar, the services they offer and the rates may be different. There isnt that much control over the price. Entry...If you want to control a full essay, order it on our website: BestEssayCheap.com

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