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Here is a copy of Table 10.1 from the textbook. This table describes some of the fundamental elements of the four major market models: pure competition, monopolistic competition, oligopoly, and pure monopoly. Like a lot of things in economics, one or more of these market models may exist only in theory. Others, like oligopolies, are quite common.
Characteristic
Pure Competition
Monopolistic Competition
Oligopoly
Pure Monopoly
Number of firms
A very large number
Many
Few
One
Type of product
Standardized
Differentiated
Standardized or differentiated
Unique; no close substitutes
Control over price
None
Some, but within rather narrow limits
Limited by mutual interdependence; considerable with collusion
Considerable
Conditions of entry
Very easy, no obstacles
Relatively easy
Significant obstacles
Blocked
Nonprice competition
Considerable emphasis on advertising, brand names, trademarks
Typically a great deal, particularly with product differentiation
Mostly public relations advertising
Examples
Agriculture, commodities like gold or silver - the stock market (NYSE)
Retail trade, dresses, lots of companies
Steel, automobiles, farm shoes implements, many household appliances
Local utilities, most parts of Government
Can you think of industries that operate in each of these four market models? What about the airlines? Auto makers? Software companies? Mobile phone carriers? Mobile phone makers? Uber? Google? Ford? Walmart? Snapchat? Or do some of the above market models exist only in theory?
Is there an industry in the town where you live (say retail food) that operates in the pure competition market model? Or another example?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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