You can find sample answers on website however I need different answers.
Q1. How does pure competition differ from other basis market models?
Pure competition differs from the other three basis market models in many ways: (1) it
contains a very large number of firms, (2) there is no one firm that has control of the
prices of the commodity or service offered in the marketplace, (3) there are either no
obstacles to entry into the market or any existing obstacles to entry are negligible and (4)
there is no non-price competition.
Q2. What are the major characteristics of pure monopoly?
The major characteristics of pure monopoly include: (1) the marketplace is comprised of
a solitary firm, (2) the type of commodity or service being offered is unique and there are
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.
- Spring '12
- Gilbert
- Management, Microeconomics, basis market models, Pure competition differs
-
Click to edit the document details
