Complete the following table indicating whether each of these three industry types do or do not have each of these features and outcomes (just yes/no in each cell is fine):

Features and outcomesPerfect competitionMonopolistic competitionMonopolyFirmsare economically"large"Product differentiationControl over its priceBarriers to entryEarns profit in the long runProduces efficient scale in the long runAllocatively efficient

do not have each of these features and outcomes (just yes/no in each cell is fine):

Features and outcomes

Perfect competition

Monopolistic competition

Monopoly

Firms are economically "large"

No

No

Yes

Product differentiation

No

Yes

No

Control over its price

No

Yes

Yes

Barriers to entry

No

NO

Yes

Earns profit in the long run

No

No

Yes

Produces efficient scale in the long run

Yes

No

No

Allocatively efficient

Yes

No

No

Hint: For small vs large , use the analysis from the video from the course and not your text.

Then, use this table to answer these questions:

1. What feature(s) of a market leads to long-run profits?

2. What feature(s) of a market lead to allocatively efficient outcomes?