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What else can I help you with?
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.
Is an example of a market that meets all four conditions for perfect competition?
wheat
What 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.
Is it true one of the four conditions for perfect competition is few sellers and buyers?
No, that statement is not true. One of the four conditions for perfect competition is a large number of buyers and sellers, not a few. This ensures that no single buyer or seller can influence the market price, leading to a competitive environment where goods are sold at market equilibrium. Other conditions include homogenous products, free entry and exit of firms, and perfect information.
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 the four types of economic competition?
pure or perfect, monopolistic, oligopoly, and monopoly
What are conditions for perfect competition?
Many Buyers and sellers Homogeneous products Free entry or exit of firms Perfect information
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.
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.
