Match each example to the market structure it is most likely...

Match each example to the market structure it is most likely to belong to. Perfect (pure) competition, Monopolistic competition, Oligopoly, Monopoly. Word Bank: Verizon competing in the American cell phone market U.S. Steel Carl's Taco Truck, one of many food carts on Food Trailer Lane Ruby Shoesday, a shoe store in Albuquerque, NM Wheat Farms, Inc. Daisy Mae's Corn Farm Chevrolet Florida Power and Light, the exclusive supplier of electricity in Orlando, FL Somnuschola, a newly patented drug that gives students the ability to absorb lectures even while sleeping during class

Transcript

00:01 So let's go over the different kinds of market structure.

00:04 So first we have perfect competition.

00:10 In perfect competition, there are numerous buyers and sellers, and they are well informed about the goods in the market.

00:28 This can only occur when consumers perceive the products of all producers to be equivalent.

01:03 This means that the products are standardized.

01:06 One seller cannot increase the price without losing their sales to the competition.

01:18 This is because all of the goods sold by each firm can basically be substituted for one another.

01:31 So out of the choices given, carl's taco truck would go under perfect competition.

01:45 So tacos are generally standardized products.

01:48 So if carl raises his prices, then buyers will just buy from somebody else selling the same thing.

01:58 It would make sense that wheat farms incorporated and daisy may's corn farm would also go under this category.

02:17 It doesn't matter which producer consumers buy wheat or corn from.

02:24 So therefore, this product is standardized.

02:29 So the next one is monopolistic competition.

02:32 This is when many firms are offering competing products that are similar but not perfect substitutes.

03:31 So if we look through our choices, ruby shoes day would go under this category.

03:47 So there are going to be other stores offering shoes.

03:53 However, these shoes may be a different style compared to ruby shoes day.

03:57 So they are therefore going to be substitutes, but not perfect substitutes...

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