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In: Economics

Please explain the characteristic of monopoly, monopolistic, oligopoly, and perfect competition

  1. Please explain the characteristic of monopoly, monopolistic, oligopoly, and perfect competition

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Expert Solution

Answer : Characteristics of monopoly are :

  • there is only single seller in the market
  • the good produced by the seller have no closed subsitute
  • entry of new firm in the industry is restricted
  • firm itself is an industry
  • full control over supply of the product
  • downward sloping demand curve

characteristics of monopolistic competition are

  • there are many sellers in the market product are differentiated
  • easy entry and exist
  • limited market power
  • non price competition
  • firms are compete on the basis of product quaility price and marketing

characteristics of oligopoly are

  • small number of firms
  • firms are interdependent on others
  • there are barriers entry
  • homogeneous or differentiated product
  • control over supply
  • high barriers to entry
  • lack of uniformity
  • entry and exist barriers
  • higher competition
  • arrivals are aware of what others are doing

characteristics of personal competition

  • large number of buyers and sellers
  • product are homogenous
  • free entry and exist from the market
  • perfect knowlege of the market
  • no government intervention
  • transport cause is low

Rahul Sunny answered 2 years ago
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