What are the four types of markets? Give a brief description of ...

[Evvie72]

What are the four types of markets? Give a brief description of each type.
 
  What will be an ideal response?

Question 2

Pat's Catering finds that when it caters 20 meals a week, its total cost is 6,000. If Pat has total variable cost of 5,000, what is Pat's total fixed cost?
 
  A) 50
  B) 250
  C) 1,000
  D) 6,000

[welcom1000]

Answer to Question 1

The four types of markets are perfect competition, monopoly, monopolistic competition, and oligopoly.
Perfect competition has many firms selling identical products to many buyers, with no barriers to entry or exit.
Monopoly has one firm selling a good with no close substitutes and a barrier that blocks the entry of new firms.
Monopolistic competition has many firms making similar but not identical products with no barriers to entry or exit.
Oligopoly has a small number of generally large firms producing either identical or differentiated products.

Answer to Question 2

C

[Evvie72]

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