Match the following market structures with their definition. (4 points)
structures:
A market with no barriers to entry and a large number of price-taking firms.
A market with no barriers to entry and a large number of firms, and firms can become price-setters if they can differentiate themselves from competitors.
A market with significant barriers to entry and a single price-setting firm.
A market with significant barriers to entry and a small number of price-setting firms.
definitions:
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
Perfect competition - A market with no barriers to entry and a large number of price-taking firms.
Monopolistic competition - A market with no barriers to entry and a large number of firms, and firms can become price-setters if they can differentiate themselves from competitors.
Monopoly - A market with significant barriers to entry and a single price-setting firm.
Oligopoly - A market with significant barriers to entry and a small number of price-setting firms.