03.12 Market Structure Summary Sheet - Market Structure Summary Sheet <-Characteristics-> <-Performance-> Efficiency Market Type Perfect Competition

03.12 Market Structure Summary Sheet - Market Structure...

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Market Structure Summary Sheet <-- --------Characteristics -------- --> <-- --------Performance -------- --> Efficiency? Economic Profit Market Type # of sellers Mkt Conct. Ratio Product Differentiation Barriers to entry? Gov. Reg. of Price? Economic Allocative Short Run? Long Run? Example Perfect Competition A large amount Very Small None, the firm sells an identical product, no advertising No barriers None, firm is a "price taker" Yes Yes Yes, only in short- run No Agriculture comes close Monopolistic Competition Many small sellers Small Yes, the products are similar though Very low barriers, easy entry/exit No No No Yes No, profits will be "competed away" by new firms Local retail fast food, gasoline, hair stylists, etc. Undifferentiated Oligopoly Few sellers High No
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