Basic Characteristics of Market Structures 1 List the basic characteristics of pure monopoly, monopo

Basic Characteristics of Market Structures

1 List the basic characteristics of pure monopoly,
monopolistic competition and oligopoly Under which of these market
classifications does each of the following most accurately fit? (a) a
supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm;
(d) the commercial bank in which you or your family has an account; (e) the
automobile industry In each case justify your classification

2 In long-run equilibrium, pure competition we have P =
minimum ATC = MC Of what significance for economic efficiency is the equality
of P and minimum ATC? The equality of P and MC? Distinguish between productive
efficiency and allocative efficiency in your answer

3 Discuss the major barriers to entry into an industry
Explain how each barrier can foster monopoly or oligopoly Which barriers, if
any, do you feel give rise to monopoly that is socially justifiable?

 

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