Characteristics for Each Market Structure

Question 1

Monopoly

Question 2

Perfect Competition

Answer 2

many small buyers and sellers
no barriers to entry or exit
homogeneous goods
perfect information

Question 3

Monopolistic Competition

Answer 3

many small buyers and sellers
low barriers to entry or exit
differentiated goods

Question 4

Oligopoly

Answer 4

a few large sellers
high barriers to entry
differentiated goods
interdependence