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In: Economics

Perfect competition market, monopolistic competition market, oligopoly and monopoly markets product feature, number of buyers /...

Perfect competition market, monopolistic competition market, oligopoly and monopoly markets product feature, number of buyers / sellers, entry barrier, long Compare in terms of period profit and Herfindahl-Hirschman index.

Solutions

Expert Solution

Basis perfect Competition Monopoly

Monopolistic

Competition

Oligopoly
Meaning and number of buyers/ sellers A market in which there is large number of buyers and sellers and each firm is a price taker ,having no influence on price as fixed by the industry A market situation in which there is a single seller in the market.Being a price maker, he has full control over the market. A market situation in which there are large number of buyers and sellers. A market structure characterized by the presence of a few large firms having cut throat compertion and interdependence in their decision making
Product feature homogeneous products no close substitutes available differentiated products but close substitutes homogeneous or differentiated products
Short run profits nomal profits/ super prifits/ minimum losses normal profit/ super profits/ minimum losses normal profits/ super profits / minimum losses normal profits / super profits/ Minimum losses
Long run profits normal profits super profits normal profits normal profits
Entry/ exit of firms freedom of entry and exit barrier to entry of new firms freedom of entry and exit substantial barrier to entry of new firms
Hergindahl-Hirschman Index( a measure of market concentration) closer to zero closer to 10000 1500-2000 closer to 2500

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