8a – Characteristics of the Four Product Market Models This web quiz may appear as two pages on tablets and laptops. I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.

8a – Four Market Models Market Models Characteristics Pure Competition Monopolistic Competition Oligopoly Monopoly Characteristics Number of firms Type of Product Control Over Price Conditions of Entry Non-price Competition Examples

8a – Four Market Models

Number of Firms - 1. Single large producer: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms - 1. Single large producer: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms - 2. Very many small firms: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms - 2. Very many small firms: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms - 3. A few firms: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms - 3. A few firms: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms & Type of Product - 4 Number of Firms & Type of Product - 4. Many firms producing a differentiated product: Pure Competition Monopolistic Competition Oligopoly Monopoly

Number of Firms & Type of Product - 4 Number of Firms & Type of Product - 4. Many firms producing a differentiated product: Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product - 5. Standardized product: Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product - 5. Standardized product: Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product - 6. Standardized or differentiated products: Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product - 6. Standardized or differentiated products: Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product - 7. Unique Product – No close substitutes: Pure Competition Monopolistic Competition Oligopoly Monopoly

Type of Product - 7. Unique Product – No close substitutes: Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 8. No market power (no control over price): Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 8. No market power (no control over price): Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 9. The most market power (control over price): Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 9. The most market power (control over price): Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 10. Little market power, depends on product differentiation: Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 10. Little market power, depends on product differentiation: Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 11. A lot of market power, limited by mutual interdependence: Pure Competition Monopolistic Competition Oligopoly Monopoly

Control Over Price - 11. A lot of market power, limited by mutual interdependence: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 12. Blocked entry: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 12. Blocked entry: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 13. No barriers to entry: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 13. No barriers to entry: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 14. Relatively easy entry: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 14. Relatively easy entry: Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 15. Significant barriers to entry : Pure Competition Monopolistic Competition Oligopoly Monopoly

Conditions of Entry - 15. Significant barriers to entry : Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 16. No non-price competition: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 16. No non-price competition: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 17 Nonprice Competition - 17. Nonprice competition is mostly public relations : Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 17 Nonprice Competition - 17. Nonprice competition is mostly public relations : Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 18. Very much nonprice competition: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 18. Very much nonprice competition: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 19 Nonprice Competition - 19. Typically a lot, especially with differentiated products: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nonprice Competition - 19 Nonprice Competition - 19. Typically a lot, especially with differentiated products: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 20 Nature of the Demand Curve - 20. Firms face a perfectly elastic demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 20 Nature of the Demand Curve - 20. Firms face a perfectly elastic demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 21 Nature of the Demand Curve - 21. The firm’s demand curve is the market demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 21 Nature of the Demand Curve - 21. The firm’s demand curve is the market demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 22 Nature of the Demand Curve - 22. Each firm’s demand curve is very (but not perfectly) elastic: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 22 Nature of the Demand Curve - 22. Each firm’s demand curve is very (but not perfectly) elastic: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 23. Mutual interdependence likely: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 23. Mutual interdependence likely: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 24. Kinked Demand Model: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 24. Kinked Demand Model: Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 25. Collusion is possible (why?): Pure Competition Monopolistic Competition Oligopoly Monopoly

Nature of the Demand Curve - 25. Collusion is possible (why?): Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 26. Steel and automobile industries: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 26. Steel and automobile industries: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 27. Agriculture: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 27. Agriculture: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 28. Retail trade, dresses, shoes: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 28. Retail trade, dresses, shoes: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 29. Public utilities like electricity and natural gas: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 29. Public utilities like electricity and natural gas: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 30. Cellular (wireless) phone providers: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 30. Cellular (wireless) phone providers: Pure Competition Monopolistic Competition Oligopoly Monopoly

Examples - 31. Hybrid (combination) of pure competition and monopoly: Monopolistic Competition Oligopoly Monopoly

Examples - 31. Hybrid (combination) of pure competition and monopoly: Monopolistic Competition Oligopoly Monopoly

Efficiency - 32. Achieves both allocative and productive efficiency in the long run: Pure Competition Monopolistic Competition Oligopoly Monopoly

Efficiency - 32. Achieves both allocative and productive efficiency in the long run: Pure Competition Monopolistic Competition Oligopoly Monopoly

8a – Four Market Models