Questions

Q10.1 What are the primary elements of market structure?

Q10.2 Describe the perfectly competitive market structure and provide some examples.

Q10.3 Describe the monopoly market structure and provide some examples.

Q10.4 How are barriers to entry and exit similar? How are they different?

Q10.5 Why is the firm demand curve horizontal in perfectly competitive markets? Does this mean that the perfectly competitive industry demand curve is also horizontal?

Q10.6 Why are the perfectly competitive firm and the perfectly competitive industry supply curves upward sloping?

Q10.7 From a social standpoint, what is the problem with monopoly?

Q10.8 Why are both industry and firm demand curves downward sloping in monopoly market structure?

Q10.9 Give an example of monopoly in the labor market. Discuss such a monopoly's effect on wage rates and on inflation.

Q10.10 Describe the economic effects of countervailing power, and cite examples of markets in which countervailing power is observed.

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