Possible answers: "few large, high barriers, identical, low barriers, many small, one large, similar, without close...

Possible answers: "few large, high barriers, identical, low barriers, many small, one large, similar, without close substitutes." Please try to match the spelling exactly so that Bb will not misgrade your answer.

Perfect competition features BLANK-1 seller(s) while pure monopoly features BLANK-2 seller(s). Perfectly competitive markets feature sellers whose products are BLANK-3 when compared to those of other sellers while monopolies feature sellers who products are BLANK-4 when compared to those of other sellers. In perfect competition there are BLANK-5 to entry while in monopoly there are BLANK-6 to entry. BLANK-1

Expert Solution

Answer- Blank 1- many small

Perfect competition features many small sellers. The number of sellers is large each of whom has a small share in the total supply of the market.Hence there are many small sellers in perfect competition.

Answer- blank 2- one large

A pure Monopoly features one large seller .

A Monopoly is a market structure in which there is a single seller of the product who is the sole producer of the product. The monopolist controls the whole market supply of the product. Hence, a pure Monopoly features one large seller.

Answer- blank 3- identical

Perfectly competitive market feature sellers whose products are identical.

In a perfectly competitive market, the product of each seller is identical. They are perfect substitutes of each other.

Answer- blank 4- without close substitutes

The product sold by the single seller has no close substitutes. Because there are no close substitutes, Monopoly market is devoid of competition.

Answer- blank 5- low barriers

In perfect competition there are low barriers to entry. Firms can easily enter or exit the market. There are no restrictions for firms to enter and leave the industry as per their desire.

Answer- blank 6- high barriers

In Monopoly there are high barriers to entry. There are restrictions on entry of new firms in the Monopoly industry. Because of high barriers to entry, the monopolist enjoys market power.

Rahul Sunny answered 7 months ago

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