Complete the table below by filling in the empty cells. In each cell, include a brief description of how the characteristic listed in the left-hand column influences market dynamics as well as the practices and strategies of firms within the market. The first two cells have been completed as an example.

Submit this completed worksheet to your instructor.

Characteristic	Pure Competition	Monopolistic Competition	Oligopoly	Monopoly
Number of buyers	Unlimited number of buyers, such that no one buyer has any control over the market price. In other words, the buyers/consumers are “price takers.” This means they can buy as much or as little as they want at the “fixed” market price facing an individual consumer.
Number of sellers	Unlimited number of sellers, such that no one seller has any control over the market price. In other words, the sellers/producers are “price takers.” This means they can sell as much or as little as they want at the “fixed” market price facing an individual firm.
Degree of product differentiation
Ease of entry/exit
Economic profit in the short-run
Economic profit in the long-run
Amount of information available to consumers

Answer rating: 100% (QA)

Monopolistic Competitionnumber of buyers OligopolyNumber of buyers Monopolynumber of buyers Large number of buyers and sellers Firms can entry and exi... View the full answer