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Compare and contrast a purely competitive market structure and a monopolistic market structure.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

Explain the market for physician services as a monopolistically competitive market (rather than a purely competitive or a purely monopolistic market).

a) How does the price in such a market compare with the two €extreme€ cases of pure competition or pure monopoly, both in terms of level and variability?

b) What key forces drive the market to this type of monopolistic competition instead of having a competitive market?

c) What effect does this have on overall patient care and costs?

Choose the correct option -

The demand curve faced by a purely monopolistic seller:

A. is downward sloping, whereas that facing the purely competitive firm is perfectly elastic.
B. is perfectly inelastic, whereas that facing the purely competitive firm is perfectly elastic.
C. is downward sloping, whereas that facing the purely competitive firm is perfectly inelastic.
D is perfectly elastic, whereas that facing the purely competitive firm is perfectly inelastic

What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so.

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