Indicate which market structure most accurately characterizes each of the following industries: The market for smartphones, The dry cleaning industry, The hotel industry, Cornwall... Indicate which market structure most accurately characterizes each of the following industries: The market for smartphones, The dry cleaning industry, The hotel industry, Cornwall Electric, the supplier of electricity to the Cornwall metropolitan area, The wide-body civilian aircraft manufacturing industry.
Understand the Problem
The question is asking to categorize various industries according to different market structures, specifically monopoly, oligopoly, monopolistic competition, and perfect competition. The objective is to match the provided industries from the answer bank to these market structures.
Answer
Smartphones: Oligopoly, Dry Cleaning: Monopolistic Competition, Hotels: Monopolistic Competition, Cornwall Electric: Monopoly, Aircraft Manufacturing: Oligopoly
The market for smartphones: Oligopoly, The dry cleaning industry: Monopolistic Competition, The hotel industry: Monopolistic Competition, Cornwall Electric: Monopoly, The wide-body civilian aircraft manufacturing industry: Oligopoly
Answer for screen readers
The market for smartphones: Oligopoly, The dry cleaning industry: Monopolistic Competition, The hotel industry: Monopolistic Competition, Cornwall Electric: Monopoly, The wide-body civilian aircraft manufacturing industry: Oligopoly
More Information
The classification is based on factors like the number of firms, barriers to entry, and product differentiation in each industry.
Tips
Avoid assuming all industries fit neatly into one structure; analyze specific market details.
Sources
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