Date: 31/12/2020
Feedback Given By: kingjalan1991
Feedback Comment: Fast ! Thank you
Project Details
Project Status: Completed
This work has been completed by: responsibleturtor
Total payment made for this project was: $20.19
Project Summary: Please answer all parts of the questions and number and letter your answers. Firms compete in different types of market structures. In the real world, most markets are either monopolistically competitive or oligopolistic, and a few markets have a monopoly. Perfect competition is rare because no market has all the characteristics of a perfectly competitive market as described by the theory of perfect competition. 1. (a) What is a monopoly? Give an example. (b) How many firms are there in the Internet provider market? Is it easy or difficult for new firms to set up and compete in this industry? Explain. (c) How do firms in the Internet provider market compete? 2. Explain which firm is likely to face a more elastic demand curve: a monopoly or a pizza shop?