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Question

There are five main characteristics of Pure Competition: 1.    Identical or very similar product

2.    No long-run barriers to entering or exiting the market

3.    Large number producers and buyers

4.    Sufficient information available to buyers and sellers

5.    No one producer or buyer can influence the price


Now we are discussing Monopolistic Competition. Pick an example of a product or service which is sold in Monopolistic Competition (one we used in class, or preferably supply your own example).  Please be sure to tell me what Product or service you are using as an example so I can understand your answers.



What Product of Service are you discussing?________________


Two of the above characteristics of pure competition can apply to both types of competition, but three of them usually do not apply to Competitive Monopoly . Which three characteristics of Pure Competition listed above do not apply to the product of service which you are using as an example. In each case, please explain why and how this characteristic does not apply to to your example..


1st of three

Which Characteristic of pure competition does not apply  (1, 2, 3, 4 or 5)?_____

T







2nd of three

Which Characteristic of pure competition does not apply (1, 2, 3, 4 or 5)?_____







3rd of three

Which Characteristic of pure competition does not apply (1, 2, 3, 4 or 5)?_____

Step-by-step answer

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