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I need help with my ECON 102 homework due next week. Only reply if you are EXPERIENCED in economics. The worksheet is attached.
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Market Structure Worksheet Describe the characteristics clearly and completely for each of the market structures. |
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Characteristic Market type |
Concentration |
Product differentiation |
Barriers to entry |
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Perfect competition |
Low concentration, many buyers and sellers such that no single one has an effect on the market price. 4-firm ratio probably less than 30%, but could be greater. |
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Monopolistic competition |
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Oligopoly |
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Monopoly |
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Outcome ► |
Market power? From what? |
Allocative efficient? |
Why/why not? |
Product differentiation? |
Can firm earn Economic profits? |
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Market type ▼ |
Test: |
Test: ________ |
Test: __________ |
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Market Structure |
Describe Typical Market Strategies in this Market Structure |
