Econ Test

Question 1

perfect competition

Answer 1

no control over price, all based on supply and demand equilibrium; thousands of small firms; all the same types of goods; not that hard to get into.

Question 2

monopolistic competition

Answer 2

some control; hundreds small firms; differentiated types of goods; not hard to get into

Question 3

oligopoly

Answer 3

a lot of control; few firms ; some or different types of goods; difficult to get into.