classify the following product markets in their respective industry structures using the appropriate letter for your answer. A.) Monopoly  B.) Oligopoly C.) Monopolistic competition  D.) Perfect competition  25.) Bottle water  26.) Wooden #2 pencils 27.) Cooper 28.) Local electricity service  29.) Peanut butter 30.) Lipstick

As firms enter and exit a monopolistically competitive market, what happens to productive efficiency in the long run?   Group of answer choices   1-Productive efficiency will not be reached because in the long run, economic profits reach equilibrium.   2-Prices will rise to unprecedented levels, and productive efficiency will be reached.   3-The strongest firms will survive and the market will morph into an oligopolistic market.   4-Price will eventually intersect the average cost curve at a point where price > average cost, and productive efficiency will not be reached

Match the terms on the left with the definitions in the column on the right (use alphabet to match for example 1-a/2-b/3-c).   1. relevant market a. price changes by one firm in oligopoly affect pricing by other firms 2. market structure b. a few firms that produce goods that are close substitutes 3. mutual interdependence c. one firm producing a good with no close substitutes 4. industry d. the percentage of total market sales produced by a particular firm 5. patent e. a set of goods with high cross elasticities among them 6. monopolistic competition f. large number of firms producing goods that are perfect substitutes 7. oligopoly g. a set of market characteristics common to a group of firms 8. product differentiation h. physical or perceived differences among substitute goods in a market 9. brand loyalty i. many firms that produce differentiated goods that are close substitutes 10. perfect competition k. a monopoly right on…

Question: Which of the following market structures is characterized by a large number of firms, homogeneous products, free entry and exit, and perfect information? a) Monopoly b) Oligopoly c) Monopolistic competition d) Perfect competition