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Give real life example of a firm for each the 4 types of market structures - perfectly competitive, monopolistically competitive, oligopoly, and monopolistic competition.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Give real life example of a firm for each the 4 types of market structures - perfectly competitive, monopolistically competitive, oligopoly, and monopolistic competition.

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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Step 1: Define Market structure

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Step 2: Explain real-life examples of firms for Perfectly competitive market

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Step 3: Explain real-life examples of firms for Monopolistically competitive market

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Step 4: Explain real-life examples of firms for Oligopoly competitive market

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Step 5: Explain real-life examples of firms for Monopoly competitive market

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