Discussion:
Briefly indicate the basic characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit?
(a) a supermarket in your home town;
(b) the steel industry;
(c) a Saskatchewan wheat farm;
(d) the chartered bank in which you or your family has an account;
(e) the automobile industry. In each case justify your classification.
Perfect competition: very large number of firms; standardized products; no control over price: price takers; no obstacles to entry; no non-price competition.