Homework (Ch 16) Attempts Do No Harm / 1 2. Market structures 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 dropdown box In the following table. Number of Scenario Firms Type of Product Market Model Many Differentiated In a major metropolitan area, there are many coffee shops, but Monopolistic Competition one chain has gained a large market share because customers feel it's coffee tastes better than its competitors'. There are dozens of pasta producers that sell pasta to hundreds of Italian restaurants nationwide. The restaurant owners buy from the cheapest pasta producer they can. While pasta manufacturers must pay licensing fees to their local government and undergo regular food-safety inspections, anyone who has passed Inspections can acquire and maintain their Icense. Only three airlines fly from San Francisco to Medford, Oregon. No new airline will enter this market, because there are not enough customers to share among four or more airlines without each one experiencing substantially higher average costs. Consumers view all airlines as providing basically the same service and will shop around for the lowest price