a. Column headingsshould be the four market structures: 1) Perfect competition 2

Question

a.     Column headingsshould be the four market structures:

1)     Perfect competition

2)     Monopoly

3)     Monopolistic competition

4)     Oligopoly

b.    Use the following Rowheadings to help explain the basis for your marketcharacterization:

1)     An example of a organization

2)     Goods or services produced by theorganization

3)     Barriers to entry

4)     Numbers of organizations

5)     Price elasticity of demand

6)     Economic profits (Is there a presenceof economic profits? Yes or no.)

Explanation / Answer

2)     Monopoly- Debeers- diamonds

3)     Monopolistic competition-restaurants- chilies

4)     Oligopoly - Car industry - ford

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