EVALUATION: 1) List the four different types of market structures.
a)
b
c)
d)
2) Economies of Scale is the concept that larger companies can produce products at lower costs per unit than small companies. Explain why this is used to justify natural monopolies
3) Give two characteristics of a perfectly competitive market.
4) Give two characteristics of a monopolistic market.
5) In what TWO markets would you be most likely to find product differentiation?
a)
b
c)
d)
2) Economies of Scale is the concept that larger companies can produce products at lower costs per unit than small companies. Explain why this is used to justify natural monopolies
3) Give two characteristics of a perfectly competitive market.
4) Give two characteristics of a monopolistic market.
5) In what TWO markets would you be most likely to find product differentiation?
Add an Answer
More Questions From This User See All
Answers & Comments
Answer:
1.a)perfect competition
b) oligopoly market
c) monopoly market
d) monopolistic competition.
2. Economies of scale are cost advantages reaped by companies when production becomes efficient. Companies can achieve economies of scale by increasing production and lowering costs. This happens because costs are spread over a larger number of goods. Costs can be both fixed and variable.
3. •Buyers and sellers have access to perfect information about price.
•Each company makes a similar product.
4. •Single supplier. A monopolistic market is regulated by a single supplier.
•Price discrimination.
5. Oligopoly market
Monopolistic competition