2. Market structures For each of the following scenarios, identify the number of

Question

2. Market structures For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Number of Firms Market Model Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services; parents view the quality of the tutoring at the different companies to be largely the same In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four providers is of the same speed. Almost everyone in the city already has broadband, so any potential new company would have to engage in a price war with the existing companies and would be unlikely to cover its costs for years, if ever. A publishing company owns the U.S. copyright to a popular series of books. It is the only company with the legal right to publish these books in the United States. Type of Product

Explanation / Answer

no of firms type of product market model remarks Many differentiated Monopolistic market large seller with differentiated goods and services charge different price. many homogenous perfect competition supply and demand for algebraic tuition , quality is same. price taker. few standardized oligopolistic market four firm with standard product single Unique monopoly single seller with copyright

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