Market power
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List the characteristics of firms in each type of market: perfect competition, monopolistic competition, and monopoly. Give an example of each type of firm in our current economy. What are some ways a monopolistically competitive firm can maintain or increase its market power?
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Solution Summary
This solution lists the characteristics of perfectly competitive, monopolistically competitive, and monopolistic firms. It also lists the ways that a monopolistically competitive firm can maintain or increase its market power.
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Perfectly competitive firm:
1. The market has a large number of small sellers.
2. The firms sell a homogeneous product.
3. It is easy to enter and leave the industry.
Example: A dairy farm
Monopolistically competitive firm:
1. The market has a large number of small sellers.
2. The firms sell a differentiated ...
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