Recall the 3 market structures:

Pure competition, monopoly and monopolistic competition

(A) What degree of differentiation of product do we observe in each?

(B) How is pricing determined in each?

(C) What barriers to entry are found in each?

(D) What is the relative slope of the demand curve for each (flat, mildly sloping, steeply sloping);

(E) How many firms do we typically observe in each, relative to the other market types?

*Original as much as possible please**

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Beverley SmithLv2

8 Jan 2019

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1 How does monopolistic competition differ from the pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Please explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.

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