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 guinea pig justify your classification. Pure competition: A market that is bathroom be composed by a very Brobdingnagian number of different companies of alike(p) results with each seller takes the scathe quite a than makes it. Pure monopoly is iodine firm with a different outpution or renovation with no alternatives available leaving the adjudge of the market and price to the company producing the item. Monopolistic Competition: composes of numerous different firms that erect the market separate products. in that venerate is some cont rol everywhere 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 stimulate control over the prices. (a) Hometown supermarket: oligopoly. on that point argon scarcely a limited amount of supermarkets within a merely a(prenominal) miles. The surface of the supermarkets usually makes it difficult to enter the market. Some derelict argonas may only have one supermarket (making it a monopoly) or two supermarkets in the area, the selection is limited. (b) Steel industry: oligopoly thither are only a few manufacturing plants in the market. The size makes entry to the market difficult. (c) Kansas wheat farm: pure competition. at that place are a large number of similar farms/market. The product is standard with no control over the pricing. (d) Commercial bank: monopolistic compe tition. 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 realize a full essay, order it on our website: BestEssayCheap.com

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