03 Jun Question Four different market structures in the product
Question
Four different
market structures
in the product
market.
Problem Set 6
Market Structures
1.
It is usual to divide markets into four categories. In ascending order of competitiveness these
are (fill in the missing three):
1.
monopoly.
2.
3.
…………………………………………………………………………………………………………………………
4.
2.
…………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………
To which of the above four categories do the following apply to the member firms? (There can
be more than one market category in each case.)
(a) Firms face a downward sloping demand curve. …………………………………………………………..
(b) New firms can freely enter the industry. ………………………………………………………………………
(c) Firms produce a homogeneous product. ……………………………………………………………………..
(d) Firms are price takers. ………………………………………………………………………………………………
(e) Firms face an elastic demand (but less than infinity) at the profit-maximizing output.
…………………………………………………………………………………………………………………………
(f)
Firms will produce where MR = MC if they wish to maximize profits. ……………………………
(g) There is perfect knowledge on the part of consumers of price and product quality.
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