PERFECT COMPETITION ILLEGAL MONOPOLY OLIGOPOLY CARTEL AND MO

(PERFECT COMPETITION, ILLEGAL MONOPOLY, OLIGOPOLY, CARTEL AND MONOPOLISTIC COMPETITION. For each statement (19) through (25) you write the name of the market form that fits the statement: 19) This market has very small firms and a homogeneous product 20) This market form has very small firms but does NOT have a homogeneous product 21) This market form has a small number of firms with big market shares 22) This market form will sell at the Socially Optimal price in the long run.

Solution

19) PERFECT COMPETITION

20) MONOPOLISTIC COMPETITION.

21) OLIGOPOLY

22) PERFECT COMPETITION