For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each drop-down box in the following table.

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Scenario A large city has lots of small shops where people can buy sweaters. Each store's sweaters reflect the style of that particular store. Additionally, some stores use higher-quality cotton than others, which is reflected in their price. There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services; parents view the quality of the tutoring at the different companies to be largely the same. In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take-if they decide it's worth taking a cab, they flag down the nearest one. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug. Number of Firms Many Few One Type of Product Market Model Scenario A large city has lots of small shops where people can buy sweaters. Each store's sweaters reflect the style of that particular store. Additionally, some stores use higher-quality cotton than others, which is reflected in their price. There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services; parents view the quality of the tutoring at the different companies to be largely the same. In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take-if they decide it's worth taking a cab, they flag down the nearest one. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug. Number of Firms Many Few One Type of Product Market Model

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Represent the table as follows A review of market structure Scenario N... View the full answer