8 a Characteristics of the Four Product Market

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8 a – Characteristics of the Four Product Market Models This web quiz may

8 a – Characteristics of the Four Product Market Models This web quiz may appear as two pages on tablets and laptops. I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.

8 a – Four Market Models • Pure Competition • Monopolistic Competition • Oligopoly

8 a – Four Market Models • Pure Competition • Monopolistic Competition • Oligopoly • Monopoly Characteristics • Number of firms • Type of Product • Control Over Price • Conditions of Entry • Non-price Competition • Examples

8 a – Four Market Models

8 a – Four Market Models

Number of Firms 1. Single large producer: 1. 2. 3. 4. Pure Competition Monopolistic

Number of Firms 1. Single large producer: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms 1. Single large producer: 1. 2. 3. 4. Pure Competition Monopolistic

Number of Firms 1. Single large producer: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms 2. Very many small firms: 1. 2. 3. 4. Pure Competition

Number of Firms 2. Very many small firms: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms 2. Very many small firms: 1. 2. 3. 4. Pure Competition

Number of Firms 2. Very many small firms: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms 3. A few firms: 1. 2. 3. 4. Pure Competition Monopolistic

Number of Firms 3. A few firms: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms 3. A few firms: 1. 2. 3. 4. Pure Competition Monopolistic

Number of Firms 3. A few firms: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms & Type of Product 4. Many firms producing a differentiated product:

Number of Firms & Type of Product 4. Many firms producing a differentiated product: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms & Type of Product 4. Many firms producing a differentiated product:

Number of Firms & Type of Product 4. Many firms producing a differentiated product: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product 5. Standardized product: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Type of Product 5. Standardized product: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product 5. Standardized product: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Type of Product 5. Standardized product: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product 6. Standardized or differentiated products: 1. 2. 3. 4. Pure Competition

Type of Product 6. Standardized or differentiated products: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product 6. Standardized or differentiated products: 1. 2. 3. 4. Pure Competition

Type of Product 6. Standardized or differentiated products: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product 7. Unique Product – No close substitutes: 1. 2. 3. 4.

Type of Product 7. Unique Product – No close substitutes: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product 7. Unique Product – No close substitutes: 1. 2. 3. 4.

Type of Product 7. Unique Product – No close substitutes: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 8. No market power (no control over price): 1. 2. 3.

Control Over Price 8. No market power (no control over price): 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 8. No market power (no control over price): 1. 2. 3.

Control Over Price 8. No market power (no control over price): 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 9. The most market power (control over price): 1. 2. 3.

Control Over Price 9. The most market power (control over price): 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 9. The most market power (control over price): 1. 2. 3.

Control Over Price 9. The most market power (control over price): 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 10. Little market power, depends on product differentiation: 1. 2. 3.

Control Over Price 10. Little market power, depends on product differentiation: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 10. Little market power, depends on product differentiation: 1. 2. 3.

Control Over Price 10. Little market power, depends on product differentiation: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 11. A lot of market power, limited by mutual interdependence: 1.

Control Over Price 11. A lot of market power, limited by mutual interdependence: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price 11. A lot of market power, limited by mutual interdependence: 1.

Control Over Price 11. A lot of market power, limited by mutual interdependence: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 12. Blocked entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Conditions of Entry 12. Blocked entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 12. Blocked entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Conditions of Entry 12. Blocked entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 13. No barriers to entry: 1. 2. 3. 4. Pure Competition

Conditions of Entry 13. No barriers to entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 13. No barriers to entry: 1. 2. 3. 4. Pure Competition

Conditions of Entry 13. No barriers to entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 14. Relatively easy entry: 1. 2. 3. 4. Pure Competition Monopolistic

Conditions of Entry 14. Relatively easy entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 14. Relatively easy entry: 1. 2. 3. 4. Pure Competition Monopolistic

Conditions of Entry 14. Relatively easy entry: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 15. Significant barriers to entry : 1. 2. 3. 4. Pure

Conditions of Entry 15. Significant barriers to entry : 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry 15. Significant barriers to entry : 1. 2. 3. 4. Pure

Conditions of Entry 15. Significant barriers to entry : 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 16. No non-price competition: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Nonprice Competition 16. No non-price competition: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 16. No non-price competition: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Nonprice Competition 16. No non-price competition: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 17. Nonprice competition is mostly public relations : 1. 2. 3. 4.

Nonprice Competition 17. Nonprice competition is mostly public relations : 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 17. Nonprice competition is mostly public relations : 1. 2. 3. 4.

Nonprice Competition 17. Nonprice competition is mostly public relations : 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 18. Very much nonprice competition: 1. 2. 3. 4. Pure Competition Monopolistic

Nonprice Competition 18. Very much nonprice competition: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 18. Very much nonprice competition: 1. 2. 3. 4. Pure Competition Monopolistic

Nonprice Competition 18. Very much nonprice competition: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 19. Typically a lot, especially with differentiated products: 1. 2. 3. 4.

Nonprice Competition 19. Typically a lot, especially with differentiated products: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition 19. Typically a lot, especially with differentiated products: 1. 2. 3. 4.

Nonprice Competition 19. Typically a lot, especially with differentiated products: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 20. Firms face a perfectly elastic demand curve: 1.

Nature of the Demand Curve 20. Firms face a perfectly elastic demand curve: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 20. Firms face a perfectly elastic demand curve: 1.

Nature of the Demand Curve 20. Firms face a perfectly elastic demand curve: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 21. The firm’s demand curve is the market demand

Nature of the Demand Curve 21. The firm’s demand curve is the market demand curve: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 21. The firm’s demand curve is the market demand

Nature of the Demand Curve 21. The firm’s demand curve is the market demand curve: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 22. Each firm’s demand curve is very (but not

Nature of the Demand Curve 22. Each firm’s demand curve is very (but not perfectly) elastic: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 22. Each firm’s demand curve is very (but not

Nature of the Demand Curve 22. Each firm’s demand curve is very (but not perfectly) elastic: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 23. Mutual interdependence likely: 1. 2. 3. 4. Pure

Nature of the Demand Curve 23. Mutual interdependence likely: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 23. Mutual interdependence likely: 1. 2. 3. 4. Pure

Nature of the Demand Curve 23. Mutual interdependence likely: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 24. Kinked Demand Model: 1. 2. 3. 4. Pure

Nature of the Demand Curve 24. Kinked Demand Model: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 24. Kinked Demand Model: 1. 2. 3. 4. Pure

Nature of the Demand Curve 24. Kinked Demand Model: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 25. Collusion is possible (why? ): 1. 2. 3.

Nature of the Demand Curve 25. Collusion is possible (why? ): 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve 25. Collusion is possible (why? ): 1. 2. 3.

Nature of the Demand Curve 25. Collusion is possible (why? ): 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 26. Steel and automobile industries: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Examples 26. Steel and automobile industries: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 26. Steel and automobile industries: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Examples 26. Steel and automobile industries: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 27. Agriculture: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 27. Agriculture: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 27. Agriculture: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 27. Agriculture: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 28. Retail trade, dresses, shoes: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Examples 28. Retail trade, dresses, shoes: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 28. Retail trade, dresses, shoes: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Examples 28. Retail trade, dresses, shoes: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 29. Public utilities like electricity and natural gas: 1. 2. 3. 4. Pure

Examples 29. Public utilities like electricity and natural gas: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 29. Public utilities like electricity and natural gas: 1. 2. 3. 4. Pure

Examples 29. Public utilities like electricity and natural gas: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 30. Cellular (wireless) phone providers: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Examples 30. Cellular (wireless) phone providers: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 30. Cellular (wireless) phone providers: 1. 2. 3. 4. Pure Competition Monopolistic Competition

Examples 30. Cellular (wireless) phone providers: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 31. Hybrid (combination) of pure competition and monopoly: 1. 2. 3. 4. Pure

Examples 31. Hybrid (combination) of pure competition and monopoly: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples 31. Hybrid (combination) of pure competition and monopoly: 1. 2. 3. 4. Pure

Examples 31. Hybrid (combination) of pure competition and monopoly: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Efficiency 32. Achieves both allocative and productive efficiency in the long run: 1. 2.

Efficiency 32. Achieves both allocative and productive efficiency in the long run: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

Efficiency 32. Achieves both allocative and productive efficiency in the long run: 1. 2.

Efficiency 32. Achieves both allocative and productive efficiency in the long run: 1. 2. 3. 4. Pure Competition Monopolistic Competition Oligopoly Monopoly

8 a – Four Market Models

8 a – Four Market Models