学习必备欢迎下载1. It is usual to divide markets into four categories. In ascending order of competitiveness these are (fill in the missing three): 1. Monopoly 2. Oligopoly3. Monopolistic competition4. Perfect competition2. To which of the above four categories do the following apply to the member firms? (There can be more than one market category in each case.) (a)Firms face a downward sloping demand curve. Monopoly, oligopoly, monopolistic competition(b) New firms can freely enter the industry. ..... Perfect competition, monopolistic competition(c) Firms produce a homogeneous product. .................. Perfect competition, some oligopolies(d) Firms are price takers. ........................................................................... Perfect competition(e) Firms face an elastic demand (but less than infinity) at the profit-maximising output. Monopoly, oligopoly, monopolistic competition (f) Firms will produce where MR = MC if they wish to maximise profits. ............................ All(g) There is perfect knowledge on the part of consumers of price and product quality. Perfect competition 3.In which of the four categories would you place each of the following? (It is possible in some cases that part of the industry could be in one category and part in another: if so name both.) (a) A village post office ........................................... Monopoly for certain people and products(b) Restaurants in large town ..............................................................Monopolistic competition(c) Banks .......................................................................................................................Oligopoly(d) Hi-fi manufacturers ................................................................................................
