ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Good
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Service
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Commodity
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Perfect Product
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Detailed explanation-1: -commodity. a product that is the same no matter who produces or sells it, such as petroleum, notebook paper, or milk. barrier to entry. Any factor that makes it difficult for a new firm to enter a market. imperfect competition.
Detailed explanation-2: -In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods.
Detailed explanation-3: -Monopolistic competition occurs when many companies offer products that are similar but not identical. Firms in monopolistic competition differentiate their products through pricing and marketing strategies.
Detailed explanation-4: -Monopoly Example #1 – Railways. Monopoly Example #2 – Luxottica. Monopoly Example #3-Microsoft. Monopoly Example #4 – AB InBev. Monopoly Example #5 – Google. Monopoly Example #6 – Patents. Monopoly Example #7 – AT&T. Monopoly Example #8 – Facebook.