Market Structure

Question 1

is one of the numerous infrastructures, systems, institutions, social relations, and procedures, wherein buyers and sellers usually interact with each other to exchange goods and services.

It also refers to any place or process involved with the exchange of goods and services,

Answer 1

Market

Question 2

Four (4) types of Market Structure

Answer 2

1. Monopoly
2. Monopolistic Competition
   3.Perfect Competition, and;
3. Oligopoly

Question 3

It refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods.

Answer 3

Market Structures

Question 4

pertains to a situation A wherein there is only a single company that produces a certain product in the entire market that has no close substitutes.

Because of that, they have the power or the authority to manipulate their products, such as minimizing their outputs to put higher prices in it and to gain more profit.

Answer 4

Monopoly

Question 5

1. Strong barriers to entry.
2. A very high capital set-up cost
3. No advertising, as there is no close substitute good or service.
4. One seller
5. There is no close substitute.
6. Strong control over price or quantity.

Answer 5

Features of Monopoly

Question 6

1. When there is a numerous quantity of small firms competing against each other.
2. There are many buyers and sellers of the product but the product is not a perfect substitutes.
3. Differs in brand, style, packaging and pricing strategies.

Answer 6

Monopolistic Competition

Question 7

1. Many Firms.

2.Product differentiation. Slightly different from each other.

3. Freedom of entry and exit.
4. Non price competition. Business use other means to compete.

Answer 7

Features of Monopolistic Competition

Question 8

Is a type of market structure where many products are similar and may substitute each other since they have the same features, price and, quality.

There are many sellers and consumers in this type of market with almost the same products.

Answer 8

Perfect Competition

Question 9

1. There are no barriers to entry in or exit out of the market.
2. Firms produce homogeneous, identical, units of output that are not branded and same with labor.
3. No single firm can influence the market price, or market conditions.

Answer 9

Features of Perfect Competition

Question 10

Is a type of market structure where firms dominate the market by supplying either similar or differentiated products.

There are only a few companies in this structure and they have control over price implying. this market since there are a lot of barriers. Moreover,

Answer 10

Oligopoly

Question 11

1. A relatively small number of firms in the industry that dominate the market.
2. Differentiated products.
3. Oligopolies set price than take price.
4. Relatively high barriers to entry.

Answer 11

Features of Oligopoly