Business, 17.06.2020 03:57, makaylamsikahema

In a major metropolitan area, one chain of coffee shops has gained a large market share because customers feel its coffee tastes better than its competitors'. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery.
In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take—if they decide it's worth taking a cab, they flag down the nearest one. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug.
1. How many firms?
A. One
B. Many or Few
2. Type of product
A. Unique
B. Anything
C. Standardized
D. Differentiated
3. Market Value
A. Perfect competition
B. Oligopoly
C. Monopolistic competition or monopoly

Answers: 3

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In a major metropolitan area, one chain of coffee shops has gained a large market share because cust...