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Complete the table below by filling in the empty cells

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Complete the table below by filling in the empty cells. In each cell, include a brief description of how the characteristic listed in the left-hand
column influences market dynamics as well as the practices and strategies of firms within the market. The first two cells have been completed as
an example.
Submit this completed worksheet to your instructor.
Characteristic Pure Competition Monopolistic Competition Oligopoly Monopoly
Number of
buyers

Unlimited number of buyers,
such that no one buyer has any
control over the market price.
In other words, the
buyers/consumers are “price
takers.” This means they can
buy as much or as little as they
want at the “fixed” market price
facing an individual consumer.

Many Buyers

Number of
sellers

Unlimited number of sellers,
such that no one seller has any
control over the market price.
In other words, the
sellers/producers are “price
takers.” This means they can
sell as much or as little as they
want at the “fixed” market price
facing an individual firm.

Many firms with non-
interdependent pricing and
quantity decisions

Degree of
product
differentiation

Ease of
entry/exit

Economic
profit in the
short-run

Economic
profit in the
long-run

Amount of
information
available to
consumers