Complete the following table by indicating key characteristics of each market structure. Market Structure Number of Firms Type of Product Entry Control of Price Oligopoly Few Homogeneous or Differentiated Difficult Price maker Perfect Competition Large Homogeneous Easy Price taker Monopoly One Unique Impossible Price maker Monopolistic Competition Many Differentiated Easy Price maker For each of the following scenarios, determine which market structure best describes the scenario. Scenario Market Model Dozens of plain white socks producers use a widely known and readily available technology. Perfect competition Only one pharmaceutical company has a government patent to sell an experimental drug. Monopoly Hundreds of colleges serve millions of students each year. The colleges vary by location, cost, and quality, which enables students to match schools to their preferences. Monopolistic competition Three airlines providing the same service operate between San Francisco and San Diego. There are not enough travellers to share the route with a fourth airline without causing the average costs of the existing ones to rise. Oligopoly