Market Structures Market Number of Type of Price Price Formula Freedom of Shortrun Longrun Industryr Examples Stru ctu re Firms Produ ct Sold Ta lrer? Entry? Prot? Profit? Perfect Many Identical Yes P=MC No Yes No eBay, Amazon Marketplace Com petition Monopolistic Differentiated Some restaurants, retail, Hair Competition Salons Monopolies Unique Yahoo, Facebook Oligopolies Few-iI Differentiated No P=MC No Yes No Media, entertainment, like dominant Hollywood, orAirlines firms Table 4.1 [Insert your responses to the following questions: Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support 1your claims] " up do rms in an oligopolistic market set their prices? Use examples from the textbook to support your claims.] [Explain how firms that compete in the four different market structures determine profitability. Use examples from the textbook to support your claims]