Question: Search this course Chapter 1 5 Homework problem that a market cannot maintain competition in the long run without free entry. Identify whether or not

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Chapter

15

Homework

problem that a market cannot maintain competition in the long run without free entry.

Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not.

Scenario

Is the market competitive?

There are several dozen crust makers that distribute their frozen products to hundreds of pizza shops nationwide. The shop owners source crusts from the cheapest available producer.

Several online retailers sell vintage crewneck sweatshirts. Each shop's crewnecks are characterized by the style of that particular brand. In addition, some producers use only cotton while others use a polyester blend, a distinction reflected in the price of the crewnecks.

The government has granted the U

.

.

Postal Service the exclusive right to deliver mail.

Two ride share apps service a large percentage of a big city market. Consumers do not prefer one app over the other

-

if they choose to order a ride, they opt to use the app with the shortest wait time.

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