Respuesta :
Market structure provides clear understanding of business environment. There are four basic types of market structures, Pure Competition Monopolistic Competition, Oligopoly,Pure Monopoly.
Market Structure
A Market structure can be defined as the relationship between sellers and buyers, and between the sellers.
Basic defining characteristics of a market structure are: production differentiation, system of entering and exiting the market, market share, number of companies in the market.
Hence, the answers of the following question are as follows:
1. Many small shops sell different styles of sweaters. Some stores sell higher-quality and more expensive sweaters then other stores.
Answer: It is an example of Monopolistic competition, whereby there are many firms selling similar products and services but are not perfect substitutes.
2. Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services.
Answer: It is an example of Perfect competition, under this system there are many firms selling homogenous products and they do not have the ability to influence the price.
3. Four Internet providers offer similar services to almost everyone in the city. Any new company would have to engage in a price war with the existing companies.
Answer: It is an example of Oligopoly, where a small number of firms are impacted by each other’s actions.
4. Only one pharmaceutical company has a government patent to sell an experimental drug.
Answer: It is an example of Monopoly, It refers to a single company dominating the market in an industry.
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