Perfectly competitive market because there are many buyers and suppliers of pencils. Also, wooden no. 2 pencils are basically identical no matter which brand you purchase.
Copper (hint: there are many sellers)
Copper is considered a commodity which has many suppliers and consumers around the world, therefore, it is classified as a perfectly competitive market. No individual supplier, nor any individual consumer has enough market power to affect the price and supply of copper.
Local public utilities (ex. water, electricity)
Monopolistic market because there are generally only one supplier of each type of public utilities, e.g. one water company per city.
Peanut butter
Monopolistically competitive markets since there are many consumers and suppliers, but each supplier produces a slightly different product. Even though there are several peanut butter brands, no two brands offer the same peanut butter.
Lipstick
Monopolistically competitive markets since there are many consumers and suppliers, but each supplier produces a slightly different product. Even though there are several lipstick brands, no two brands offer the same lipstick.
The perfectly competitive market is the market when there are many buyers & sellers also it sells homogenous product. So according to this, the wooden pencil, copper should be included.
It should be monopolistic when one seller and various buyers are there. So in this, it should be local public utilities.
It should be monopolistically competitive, when there are many buyers and sellers and sells different products. So in this, it includes peanut butter & lipstick.
