CHAPTER 1
Understanding Entrepreneurship, Diffusion, and R&D in the Context of Monopolistic Competition
I always like to start class with a pop quiz. It is a good way to get the old gray matter going and stirs up a bit of angst and loathing. There are only three matching questions and they all relate to the dominant types of markets: (1) perfectly competitive markets, (2) perfectly monopolistic markets, and (3) the market hybrid referred to as monopolistic competition.
Question 1: Match the market types with their definition
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1. Perfectly competitive market 2. Monopoly market 3. Monopolistic competition market |
a. Many sellers trading a similar product to many buyers b. One seller trading a similar product to many buyers c. Many sellers ... |
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