567221221 97813370965 MINDTAP Homework (Ch 16) Tvpe of Product A large city has

Question

567221221 97813370965 MINDTAP Homework (Ch 16) Tvpe of Product A large city has lots of small shops where people can buy sweaters Each store's sweaters reflect the style of that particular store. Additionally, some stores use higher-quality cotton than others, Perfect Competition Dozens of companies produce plain white socks Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery Only three airlines fly from San Francisco to Medford, Oregon. No new airline will enter this market, because there are not enough customers to share among four or more airlines without each one experiencing substantially higher average costs. Consumers view all airlines as providing basically the same service and will shop around for the lowest price. 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. One Few Oligopoly One Unique en

Explanation / Answer

Ans

1 type of product different. Market model monopolistic competition

2 firms many, unique, perfect competition

3 one, unique, monopoly

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