1. Complete the table. Describe each type of market by identifying their characteristics. Type of Market Market Characteristics Perfect Competition Monopoly Monopolistic Competition Oligopoly Type of Product Price Competition Barriers to Entry Degree of Control over Price No. of Sellers 2. Identify the following market condition whether it falls into perfect competition (PC), monopoly (M), oligopoly (O), or monopolistic competition (MC). Write only the symbol in the space provide a. There are no available substitute goods or services to their products so that the are considered unique. b. It consists of a very large number of buyers and sellers offering a homogeno product. C. A small number of sellers is present, each aware of the action of the others. d. There is a limited control of price because of product differences. 3. What are the different classifications of monopoly? Cite an example of a firm under each classification 4. Maynilad and MERALCO are monopolists in delivering water and electricity services because (Choose one and explain your answer.) a. Both of them are very large companies. b. Both are natural monopolies. C. Both were granted exclusive rights. 5. What is monopsony and oligopsony? How do they relate to monopoly and oligopoly?

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