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Gala2k [10]
2 years ago
12

Identify the number of firms, type of product and the marketing model for below scenarios.

Business
1 answer:
Inga [223]2 years ago
3 0

Answer:

Characteristics of Monopolistic Competition: -

  • Large number of firms
  • Product differentiation
  • No entry and exit cost in the long rim
  • Challenging entry

Characteristics of Perfect Competition: -

  • Large number of firms
  • Identical products
  • Easy to entry and exit

Characteristics of Oligopoly: -

  • Few numbers of firms
  • Identical or differential product
  • Significant barriers to entry

Characteristics of Monopoly market: -

  • Single firm
  • No entry for new firms

Scenario 1

Number of   firms = Many

Type of product = Differentiated product

Entry = Challenging

Market Model  = Monopolistic

Scenario 2

Number of   firms = Many

Type of product = Homogeneous product

Entry = Easy

Market Model  = Perfectly competitive

Scenario 3

Number of   firms = Few

Type of product = Identical product

Entry = Challenging

Market Model  = Oligopoly

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