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2 years ago

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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Answer:

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Answer:

Answer is explained below.

Explanation:

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