ECON 002 – Principles of Microeconomics

Name:_____________________________________________Section:_____________________Date:________________________
Instruction: Watch the following Video Lectures and differentiate the different Market Structure by completing the table below.
Particulars Perfect Competition Monopoly
Describe the kind
of products each
structures sells in
the market.

What can you say

about the number
of seller present in
each structure?
Is the entry and
exit into this kind of
structure easy?
List possible
barriers into the
entry and exit in
each structure.

Describe the
Market power
(ability to dictate
price) each
structure possess.
And what causes
this power.
At what quantity of
output will each
structure produce?
Are they producing
efficiently? Explain
briefly.

Illustrate the
demand curve for
each structure and
what can you say
about the elasticity
of demand.
Are they capable of
earning profit in the
Short Run?
Are they capable of
earning profit in the
Long Run?
Particulars Monopolistic Competition Oligopoly
Describe the kind
of products each
structures sells in
the market.

What can you say

about the number
of seller present in
each structure?
Is the entry and
exit into this kind of
structure easy?
List possible
barriers into the
entry and exit in
each structure.

Describe the
Market power
(ability to dictate
price) each
structure possess.
And what causes
this power.
At what quantity of
output will each
structure produce?
Are they producing
efficiently? Explain
briefly.

Illustrate the
demand curve for
each structure and
what can you say
about the elasticity
of demand.
Are they capable of
earning profit in the
Short Run?
Are they capable of
earning profit in the
Long Run?