Nate Neroni
Ch 9 HW
1. Pure competition- large number of independan acting sellers, standardized product, individual firm
cannot change a market price, firms can freely enter and exit the market.
Pure monopoly- one firm is the
sole seller of a product.
Monopolistic competition- large number of sellers producing differentiated
products, enrty and exit is easy.
Oligopoly- a few sellers of a standardized product so each firm is
affected by the decisions of its rivals.
A) oligopoly because there is probably only a few supermarkets so
each firm will be affected by other decisions of the firms.
B) pure competition because there are a large
number of sellers and it would be futile to change the price a particular firms steel.
C) pure competition
because there are a large number of sellers and it would be futile to change the price of a farms wheat.
D)
oligopoly because there are probably only a few banks in a town.
E) monopolistic competition because
there are a large number of sellers each selling their product with differences.
This preview
has intentionally blurred sections.
Sign up to view the full version.
This is the end of the preview.
Sign up
to access the rest of the document.
- Fall '05
- Al-Sabea
- Economics, Microeconomics, Monopoly, large number, $2 2 2 2 2 2, Nate Neroni
-
Click to edit the document details
