Duplicate of Duplicate of Imperfect Competition

Differentiated product and free entry

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

Produce where MR=MC

• Monopoly

• Monopolistic Competition

• Oligopoly

• All Markets

Hundreds of sellers os standardized product

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

sellers rely heavily on advertising to increase demand for their product

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

High barriers to entry-unique product

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

Faces downward sloping demand curve and cannot earn long run profit

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

No control over price- firm are price taker

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

If economies of scale exist, a natural _______might make sense

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

Zero economic profit in the long-run, produces differentiated product

• Monopoly

• Monopolistic Competition

• Oligopoly

• Perfect Competition

If a monopoly is regulated to earn zero economic profit, the price will be set where

• P = ATC

• P > ATC

• P < ATC

• MR = MC