1. Perfect Competition:
(Hint: A perfectly competitive market has a very specific definition; it is NOT just a market with a “decent” amount of firms competing against each other.)
2. Monopoly:
(Hint: A monopoly is a single seller, NOT just a firm with “a lot” of market share. For practical purposes, try to find a firm that has (or has had) between 90-100% of a market.)
3. Oligopoly:
(Note: No points for the automakers or oil producers, that’s too easy!)
4. Monopolistic Competition:
(Hint: Many firms fall into this type of market.)
5. What is a Monopsony? Provide a current, or historical, example of a monopsony. Although a pure monopsony is rare, a large company (Walmart for example) can have some monopsony-like market power. What does this mean?
(Hint: Most undergraduate textbooks in Labor Economics contain an entire chapter on monopsony. Your local city library and/ or college library will likely have Labor Economics textbooks in its collection.)
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