Ss242

Match the market structure with its characteristics. A LOT of sellers A. Oligopoly No control over price (price takers) B. Monopoly No marketing strategy C. Monopolistic Competition Examples include agricultural goods such as corn, oranges, eggs, etc. D. Perfect competition Many sellers in the market Offers differentiated products Not difficult to start but may take significant start-up money Uses marketing strategies such as celebrity endorsements, commercials, and advertisements to showcase "perceived quality" Two or three firms control the market Examples include US car manufacturers Lots of control over price and often engage in collusion Difficult to enter the industry, but not impossible One sole firm in the market (Nearly) impossible to enter the market Total control over price - Examples include Amtrak, US Postal Service, utility providers