Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue

Exercise 1

Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit (a)a supermarket in your hometown; (b)the steel industry; (c)a Kansas wheat farm; (d)the commercial bank in which you or your family has an account; (e)the automobile industry. In each case, justify your classification.