Micro Chpater 10 Part 1
Monopoly
Blocked, one seller
Which market structure has the fewest obstacles to entry or exit?
Pure competition
Which of the following are considered to be the four basic market structures?
Pure competition, Monopolistic competition, Oligopoly, Pure monopoly
Purely competitive
Very easy, no obstacles, very large number sellers
Monopolistically competitive
Relatively easy, relatively large number sellers
Oligopoly
Significant obstacles, few sellers
In which market model do firms rely on product differentiation to distinguish themselves from the competition?
monopolistic competition
An oligopoly has few sellers and
must consider the decisions of its rivals in determining its own price and output
A pure monopoly involves
one firm or seller producing a single unique product