An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (1)
Perfectly Competitive Markets: Firms sell identical products without advertising, such as wheat or corn.
Monopoly Markets: A single firm sells a unique product with little advertising, such as a local utility company.
Fill in the table with these examples.
The table is now complete with examples for both market structures. Wheat, Utility company
Explanation
Understanding the Problem We need to fill in the missing example firms for Perfectly Competitive Markets and Monopoly Markets in the given table.
Identifying Example Firms for Perfectly Competitive Markets Perfectly competitive markets feature firms that sell identical products and do no advertising. A classic example is agricultural products like wheat or corn, where many farmers sell essentially the same product without significant advertising efforts.
Identifying Example Firms for Monopoly Markets Monopoly markets, on the other hand, are characterized by a single firm selling a unique product with little advertising. Examples include utility companies (like local electricity or water providers) or companies holding exclusive rights to a product or service.
Conclusion Therefore, we can fill in the table with appropriate examples for both market structures.
Examples
Understanding market structures helps in analyzing how different industries operate. For example, knowing that perfectly competitive markets involve many sellers of identical products (like agricultural goods) explains why farmers often have little control over pricing. Conversely, recognizing that monopolies involve a single seller (like a local utility company) clarifies why these firms have more pricing power. This knowledge is crucial for making informed decisions as consumers, investors, and policymakers.
