Ch 9 HW - Stephanie Chin Microeconomics Ch 9 Homework 1...

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Stephanie Chin Microeconomics Ch. 9 Homework 1. Pure competitions is when there are a lot of companies producing standardized products, companies can also leave and enter the industry. In a pure monopoly there is only one company which sells a product or service. Monopolistic competition is when there are numerous sellers producing different products. Lastly in an oligopoly there are only a few sellers for standard and different products and each firm is affected by the decisions of the other firm. a. Pure monopoly b. Monopolistic competition c. Pure competition d. Oligopoly e. Monopolistic competition 2. Although pure competition does not usually exist, many industries come closer to having a pure competition structure and therefore do not fit any other models. Also, pure competition gives economists a basis to start off of because it is used as the starting point for price and output determination. Product Price ($) Quantity Demanded Total Revenue Marginal Revenue 2 0 0 2 1 2 2 2 2 4 2 2 3 6 2 2 4 8 2 2 5 10 2 3. Demand Schedule a.
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