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  • Markets: Not Everything Is Perfect Economics Mr. Scheel 1. What

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    The document discusses different types of market structures including oligopolies. It asks a series of questions about the key characteristics of oligopolies such as there being a small number of large sellers, the conditions being mutual interdependence, differentiated products, and barriers to entry that make the market difficult to enter. The questions also compare oligopolies to perfect competition and monopolistic competition in terms of factors like number of firms, market concentration, product differentiation, and control over prices.

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    Markets: Not Everything is Perfect Economics Mr. Scheel 1. What

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    The document discusses different types of market structures including oligopolies. It asks a series of questions about the key characteristics of oligopolies such as there being a small number of large sellers, the conditions being mutual interdependence, differentiated products, and barriers to entry that make the market difficult to enter. The questions also compare oligopolies to perfect competition and monopolistic competition in terms of factors like number of firms, market concentration, product differentiation, and control over prices.

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    31 views2 pages

    Markets: Not Everything Is Perfect Economics Mr. Scheel 1. What

    Uploaded by

    AndyScheel
    The document discusses different types of market structures including oligopolies. It asks a series of questions about the key characteristics of oligopolies such as there being a small number of large sellers, the conditions being mutual interdependence, differentiated products, and barriers to entry that make the market difficult to enter. The questions also compare oligopolies to perfect competition and monopolistic competition in terms of factors like number of firms, market concentration, product differentiation, and control over prices.

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    of 2

    MARKETS: NOT EVERYTHING IS PERFECT

    ECONOMICS
    MR. SCHEEL

    1. What does a market with few sellers generally indicate?

    2. What is the most common noncompetitive market?

    3. List the three conditions of an oligopoly.

    4. When is an oligopoly considered an oligopoly?

    5. Why do sellers take little to no risks in oligopolies?

    6. Why is it difficult to enter into a market in an oligopoly?

    See Figure 6.3 on p. 124

    7. In perfect competition, how many numbers of firms in the industry are there?

    8. What is the market concentration in an oligopoly?

    9. In monopolistic competition, what is the type of product?

    10. How is the availability of information for a pure monopoly?

    11. How is the entry into industry for an oligopoly?


    12. Describe the control over prices for each type of competition.

    13. Give an example of an industry for each type of competition.

    14. How do oligopolistic sellers differentiate there well from other sellers?

    15. Explain how nonprice competition is only competitive among oligopolies.

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