Question: Important differences exist among perfect competition, monopoly, monopolistic competition and oligopoly. Show your understanding of these differences by listing the following terms under the particular

Important differences exist among perfect competition, monopoly, monopolistic competition and oligopoly. Show your understanding of these differences by listing the following terms under the particular type of market structure.(Some terms may overlap in different market structures).

1AR = MR= Price2Relatively large number of buyers and sellers

3Product differentiation is the key feature4Downward sloping elastic demandcurve[eb1]

5Relatively small share of each firm in the market6Firm is a price taker

7Atomistic competition8Relatively high concentration ratio

9Single seller10Mutual interdependence

11Very large number of buyers and sellers12Franchise barriers

13Independent price policy14No close substitutes

15Few large firms16Horizontal demand curve

17Upward sloping total revenue curve18Firm is a price maker

19MR curve lies below the AR curve20Homogeneous as well as differentiated products

In which market(s) does each one of these go to?

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