2 2. Market structures For each of the following scenarios, identify the number of firms present, the type...

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Economics

2
2. Market structures
For each of the following scenarios, identify the number offirms present, the type of product, and the appropriate marketmodel. Select the matching entry for each dropdown box in thefollowing table.
Scenario
Number of Firms
Type of Product
Market Model
A large city has lots of small shops where people can buysweaters. Each store's sweaters reflect the style of thatparticular store. Additionally, some stores use higher-quality yarnthan others, which is reflected in their price.
There are hundreds of high school students in need of algebratutoring services. Dozens of companies offer tutoring services;parents view the quality of the tutoring at the different companiesto be largely the same.
In a large city, two taxi companies own all the licenses thatthe city will grant to operate taxis. Consumers don't care whichcab company they takeâ€”if they decide it's worth taking a cab, theyflag down the nearest one.
A publishing company owns the U.S. copyright to a popular seriesof books. It is the only company with the legal right to publishthese books in the United States.

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Scenario A large city has lots of small shops where people can buy sweaters Each stores sweaters reflect the style of that particular store Additionally some stores use higherquality yarn than others which is reflected in their price Market structure Monopolistically competitive market A monopolistically competitive market consists of a large number of sellers of a particular product with each seller selling somewhat differentiated product but close substitutes to the product sold by other sellers As each stores swweaters reflect the style of that particular store each seller has differentiated product Number of firmsThere are a large number of firms in See Answer

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Scenario	Number of Firms	Type of Product	Market Model
A large city has lots of small shops where people can buysweaters. Each store's sweaters reflect the style of thatparticular store. Additionally, some stores use higher-quality yarnthan others, which is reflected in their price.
There are hundreds of high school students in need of algebratutoring services. Dozens of companies offer tutoring services;parents view the quality of the tutoring at the different companiesto be largely the same.
In a large city, two taxi companies own all the licenses thatthe city will grant to operate taxis. Consumers don't care whichcab company they takeâ€”if they decide it's worth taking a cab, theyflag down the nearest one.
A publishing company owns the U.S. copyright to a popular seriesof books. It is the only company with the legal right to publishthese books in the United States.