FINAL EXAM IN MICROECONOMICS
1. Compare the four Market Structures. Illustrate their similarities
and differences using the Venn diagram or any other way of your
choice.  Do it in a long bond paper or tag board.
OLIGOPOLY
 Oligopolies are price
setters rather than
price takers
 Barriers to entry are
high
 Few or the product
may be homogeneous
or differentiated.
MONOPOLY
 There is only 1
producer / seller for a
product.
 Unique
 The barrier to entry is
very high &difficult to
get into
MARKET STRUCTURES
The similarities of the four
market structures are the firms PERFECT COMPETITION
may maximize their profits or  No barriers to entry
minimize losses, and all of them  Firms produce
producing products at the homogeneous,
quantity & where the marginal identical, units of
revenue. outputs that are not
branded.
 Price taker
MONOPOLISTIC
COMPETITION
 There are few barriers
to entry & exit.
 Producers have a
degree of control over
price.
 Many producers &
price competitions.