Help me please.

CHAPTER 7 - MARKET STRUCTURES WORKSHEET 1 1) List the four different types of market structures. a) 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) What does antitrust law prohibit? 6) Electric providers like Edison are an example of what specific type of monopoly? 7) Microsoft Windows at one time would have been considered this type of monopoly? 8) The United States Postal Service is this type of monopoly? 9) is when a group of firms work together and essentially create a monopoly in order to increase prices and their profits. This is a concern particularly in market structures. 0) What type of demand (elastic or inelastic) do you think you would find in a perfectly competitive market (for each firm, not each product)? Why do you think this is true? 11) What type of demand (elastic or inelastic) would you expect to find with a monopoly? Explain. 12) In what TWO markets would you be most likely to find product differentiation? 13) Why would you not find product differentiation in the other two markets not listed in the previous question? 14) Monopolies can often be inefficient. What is the reason this is usually true? 15) Are the following monopolistic competition or oligopoly? (Explain your answer): a. Refrigerators - b. Video game systems- c. Gourmet ice cream- d. Sunscreen- e. Cable sports channels- Comparison of Market Structures Perfect Monopolistic Oligopoly Monopoly Competition Competition Number of firms Variety of goods Control over prices Barriers to entry Examples