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What are the four characteristics of a pure monopoly?
1) Only one firm in the market (no competition). 2) Significant barriers to entry by other firms exist. 3) Lack of substitute goos for the monopolist's good. 4) Firm is a price-maker.
Which f the following best states the main difference between a monopoly and monopolistic competition?
Under pure competition there are large number of buyers and sellers, homogeneous products and free entry and exit. Whereas under Monopoly there is a single seller, there are no close substitutes for the commodity it produces and there are barriers to entry.
When does a firm have market power?
A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes.
What is the amount of competition for a pure monopoly?
Zero
What best states the main difference between a monopoly and pure competition?
A monopoly involves no competition at all while pure competition involves a high level of competition.
What are the four characteristics of a pure monopoly?
1) Only one firm in the market (no competition). 2) Significant barriers to entry by other firms exist. 3) Lack of substitute goos for the monopolist's good. 4) Firm is a price-maker.
What type of competitive structure exists when a firm produces a product that has no close substitutes?
monopoly
Which f the following best states the main difference between a monopoly and monopolistic competition?
Under pure competition there are large number of buyers and sellers, homogeneous products and free entry and exit. Whereas under Monopoly there is a single seller, there are no close substitutes for the commodity it produces and there are barriers to entry.
What are examples of pure monopoly?
united utillities is the only water providing service currently operating in the ukTherefore is a pure monopoly
When does a firm have market power?
A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes.
What is the amount of competition for a pure monopoly?
Zero
What best states the main difference between a monopoly and pure competition?
A monopoly involves no competition at all while pure competition involves a high level of competition.
What best states the main difference between monopoly and pure competition?
A monopoly involves no competition at all while pure competition involves a high level of competition.
What are the four basic market models?
Pure competition, pure monopoly, monopolistic competition, and oligopoly.
In which two market models would advertising be used most often?
in pure competition and pure monopoly =)
What are possible market structures for an economic system?
oligopoly, monopoly, and pure competitonMonopoly, Pure competition, Oligopoly
Are there homogeneous products in an oligopoly?
Homogeneous products are in a monopoly, oligopoly, monopolistic, monopoly and pure competition according to economics. for the purpose of analysis.
