we know that the perfumes are differentiated. So what kind of market is the perfume market is it a perfect competition, monopolistic competition, oligopoly, or monopoly? please explain.

Discuss some products and markets that are good examples of Monopolistic Competition.  Like the market structure of perfect competition, monopolistic competition assumes inexpensive entry into the market and thus many small sellers. Like the market structure of monopoly, monopolistic competition assumes a downward sloping demand curve. This is because, unlike the identical products found in perfectly competitive markets, the products in monopolistically competitive markets are differentiated and not perfect substitutes for one another. Therefore each monopolistically competitive seller has some degree of brand loyalty and would not lose all of its customers if it slightly raised its price above that of its competition. While not facing perfectly elastic, or horizontal, demand, the monopolistically competitive firm still faces a more elastic demand than the monopolist, whose product has no substitutes.  Give two  examples of markets where there are many choices among products, yet we…

Please consider firms in the following types of markets: Monopolistic Competition Oligopoly Pure Competition Pure Monopoly Check All That Apply The following questions will ask you to check all of the market types that has each characteristic. There may be only one market type or there may be more than one market type for each characteristic. Price is equal to marginal revenue Monopolistic Competition Oligopoly Pure Monopoly Pure Competition Has high barriers to entry Monopolistic Competition Pure Competition Pure Monopoly Oligopoly Charges the lowest price Pure Monopoly Pure Competition Monopolistic Competition Oligopoly Produces the lowest quantity Monopolistic Competition Pure Monopoly Pure Competition Oligopoly Achieves allocative efficiency in the long run equilibrium Monopolistic Competition Pure Competition Oligopoly Pure Monopoly O O O O

Suppose that a company operates in the monopolistically competitive market for denim jackets. The following graph shows the demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve for the firm. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. ? 100 PRICE (Dollars per jacket) 8 20 60 50 X ATC 20 MC MR 2 2 2 2 10 0 0 30 40 50 60 70 QUANTITY (Thousands of jackets) 10 20 80 Demand 90 100 Mon Comp Outcome Min Unit Cost

Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve: Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm, Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost.

Which of the following statements is true about the difference between monopoly and monopolistic competition? a.Monopolies always earn positive profits b.Monopolistically competitive firms have no barriers to entry or exit

What factors hinder firms in monopolistic competition from earning economic profits in the long run?

Suppose that a company operates in the monopolistically competitive market for denim jackets. The following graph shows the demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve for the firm. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars per jacket) 100 90 80 50 ATC 30 2 8 8 2 2 2 2 ° 60 MC MR Demand 0 + 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of jackets) Mon Comp Outcome Min Unit Cost (?)

Using only things found in an average home, please provide one example of something from each kind of market, and briefly explain why this thing is in that particular market. Try to be creative. You will need an example of something from a: Perfectly competitive market Imperfectly competitive market (monopolistically competition or oligopoly), and Monopoly market

Give an example of a market that has monopolistic competition and explain how the example you have chosen exhibits competitive aspects and how it also exhibits monopolistic aspects.