market structure pg.102-110

Question 1

homogeneous

Answer 1

standardized ; of the same kind

Question 2

heterogenous

Answer 2

unique or non-standardized

Question 3

Monopoly market structure

Answer 3

where a single supplier or producer produces a unique product, with barriers like licensing and patents. Consumer demand decreases with product price increases.

Question 4

Monopolistic competition

Answer 4

is a market structure where products are differentiated based on ingredients, packaging, trade marks, color, shape, or form, resulting in heterogeneous products.

Question 5

oligopoly market

Answer 5

businesses face uncertainty and strategic decisions like collusion to cooperate and sell products at higher prices, often protected by competition policies.

Question 6

characteristics of monopolistic competition

Answer 6

1. businesses producing differentiated products
2. no single market
3. a downward-sloping demand curve
4. Entry and exit are free
5. serving small market segments.

Question 7

characteristics of an oligopoly competition

Answer 7

1. Businesses produce differentiated products
2. avoid price competition
3. operate in a market structure with strong barriers
4. aiming to gain a competitive advantage through advertising and product
   differentiation.