Important differences exist among perfect competition, monopoly, monopolistic competition and oligopoly. Show your understanding of these differences
Question:
Important differences exist among perfect competition, monopoly, monopolistic competition and oligopoly. Show your understanding of these differences by listing the following terms under the particular type of market structure.(Some terms may overlap in different market structures).
1AR = MR= Price2Relatively large number of buyers and sellers
3Product differentiation is the key feature4Downward sloping elastic demandcurve[eb1]
5Relatively small share of each firm in the market6Firm is a price taker
7Atomistic competition8Relatively high concentration ratio
9Single seller10Mutual interdependence
11Very large number of buyers and sellers12Franchise barriers
13Independent price policy14No close substitutes
15Few large firms16Horizontal demand curve
17Upward sloping total revenue curve18Firm is a price maker
19MR curve lies below the AR curve20Homogeneous as well as differentiated products
In which market(s) does each one of these go to?