Question

comparing market structures
directions: drag the characteristics of the market structures to the proper location below.
many complete low limited substitutes lowest differentiated
highest no substitutes few high some
significant identical one none many

	number of sellers	type of product	sellers control over prices	barriers to enter or exit the market
perfect competition
monopoly
monopolistic competition
oligopoly

Explanation:

Step1: Recall Perfect Competition

Perfect competition has many sellers, identical products, no (or lowest) price control, and no barriers. So:

• Number of Sellers: Many
• Type of Product: Identical
• Sellers’ Control over Prices: None (or Lowest)
• Barriers to Enter or Exit: None

Step2: Recall Monopoly

Monopoly has one seller, unique product (no substitutes), highest price control, and significant barriers. So:

• Number of Sellers: One
• Type of Product: No Substitutes
• Sellers’ Control over Prices: Highest
• Barriers to Enter or Exit: Significant

Step3: Recall Monopolistic Competition

Monopolistic competition has many sellers, differentiated products, some price control, and low barriers. So:

• Number of Sellers: Many
• Type of Product: Differentiated
• Sellers’ Control over Prices: Some
• Barriers to Enter or Exit: Low

Step4: Recall Oligopoly

Oligopoly has few sellers, limited substitutes (or differentiated/identical), some price control, and high barriers. So:

• Number of Sellers: Few
• Type of Product: Limited Substitutes (or Differentiated/Identical in some cases, but limited substitutes fits)
• Sellers’ Control over Prices: Some (or High)
• Barriers to Enter or Exit: High

Answer:

Market Structure	Number of Sellers	Type of Product	Sellers’ Control over Prices	Barriers to Enter or Exit
Monopoly	One	No Substitutes	Highest	Significant
Monopolistic Competition	Many	Differentiated	Some	Low
Oligopoly	Few	Limited Substitutes	Some (High)	High