Market Structures Gallery Walk Answers

Question: perfect competition

Answer: - ideal market structure

  • buyers and sellers are interacting directly under the forces of supply and demand

  • Question: characteristics of perfect competition

  • Answer: - many buyers and sellers that are well informed

  • - have standardized products

  • - ease of entry into the market

  • - independent buyers and sellers (can’t join together to influence price)

  • Question: monopoly

  • Answer: - only one seller of a product

  • - no close substitutes

  • - contains a price maker

  • Question: characteristics of a monopoly

  • Answer: - significant barriers to entry (difficult to enter)

  • - single seller

  • - no close substitutes

  • Question: monopolistic competition

  • Answer: - more common

  • - blending of perfect competition and monopoly

  • - different rather than identical goods

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