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

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.