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Many Buyers and sellers
Homogeneous products
Free entry or exit of firms
Perfect information
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A major characteristic of monopolistic competition is that prices will be _____.?
higher than in perfect competition
Which is the main difference between perfect competition and monopolistic competition?
In monopolistic competition, sellers can profit from the differences between their products and other products.
A market with many firms producing the same good is in?
Perfect Competition
Which of these market situations in an industry results in the lowest prices for consumers?
perfect competition
What are the basic market model?
There are four basic market models based on the amount of competition within the industry. They are pure competition, monopolistic competition, oligopoly, and pure monopoly.
What is an example of a market that meets all four conditions for perfect competition?
wheat
Is an example of a market that meets all four conditions for perfect competition?
wheat
What are four conditions for perfect competition?
Many Buyers and sellers Homogeneous products Free entry or exit of firms Perfect information
Is it true that one of the four conditions for perfect competition is identical products also called commodities?
There are a lot more than four conditions, but "homogeneous" products (there's no such thing as identical products) are one of the ways you tell if a market is operating under perfect competition.
What conditions does competition occur?
What is the difference between perfect competition and pure monopoly
What are the four degrees of competition that exist in a capitalistic economy?
The four degrees of competition that exist in a capitalistic economy are: perfect competition, monopolistic competition, oligopoly, and monopoly.
What are conditions for perfect competition?
Many Buyers and sellers Homogeneous products Free entry or exit of firms Perfect information
What are the four types of economic competition?
pure or perfect, monopolistic, oligopoly, and monopoly
What is the Price elasticity of demand in each of the four market structures perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What is a example of a market that meets allfour conditions for perfect competition?
Same fast food restaurants in a town
Is IBM perfect competition?
IBM is a company, so it can't be a perfect competition. Only industries can be a perfect competition, or not.
