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Which statement describes a monopoly?

  1. Many firms produce identical products with no control over the market price.
  2. Many firms produce differentiated products with control over market price.
  3. A single firm produces a product with no close substitutes and control over the market price.
  4. A single firm produces a product with many close substitutes and limited control over the market price.

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Chika Ilonah
Chika IlonahLv10
31 Oct 2020
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Related questions

A competitive price-searcher market is best described as

a. a few firms with some control over price, producing highly differentiated products.
b. many firms with no control over price, producing identical products.
c. a few firms with no control over price, producing similar products.
d. many firms with some control over price, and some product differentiation.
e. a single firm producing all of the output for the industry, with strong control over price.

 



What conditions make a market perfectly competitive? A market is perfectly competitive if: 
 
(i) it has many buyers and one firm, which produces a product with no close substitutes, with barriers to new firms entering the market. 
(ii) it has many buyers and many sellers, all of whom are selling differentiated products, with no barriers to new firms entering the market. 
(iii) it has many buyers and a few sellers, all of whom are selling identical products, with no barriers to new firms entering the market. 
(iv) it has many buyers and a few sellers, all of whom are selling differentiated products, with barriers to new firms entering the market. 
(v) it has many buyers and many sellers, all of whom are selling identical products, with no barriers to new firms entering the market.

What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be:

A. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.

B. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market

C. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.

D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.

E. many buyers and a small number of firms that compete, selling differentiated products, and barriers to new firms entering the market.

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