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