micro 9 - Nate Neroni Ch 9 HW 1 Pure competition large...

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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.
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