For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model.

1. There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.

Number of firms:
a. One
b. Few
c. Many

Type of product:
a. Unique
b. Anything
c. Identical
d. Differential

Market Model:
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

2. 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.

Number of firms:

a. One
b. Few
c. Many

Type of product:
a. Unique
b. Anything
c. Identical
d. Differential

Market Model:
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

3. 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.

Number of firms:
a. One
b. Few
c. Many

Type of product:
a. Unique
b. Anything
c. Identical
d. Differential

Market Model:
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms.

An example of a monopoly is a utility company

It is only the drug company that is permitted to sell the drug. So, it is the only firm in the industry. Also, it is the only firm that offers experimental AIDS drug, so its product is unique.

An Oligopoly is when there are few large firms operating in an industry. In the cab industry, it is a duopoly that exists. This is a type of oligopoly where there are only two firms in the industry. Consumers do not care about the cabs they enter or the different services offered by the companies, so, the product is identical

aliasger2709 aliasger2709 · Answer 2 · 2021-12-08T10:45:51+01:00

1. Number of firms: Option c. Many

Type of product: Option d. Differential

Market Model: Option c. Monopolistic Competition.

In this type of opposition, there are many firms selling the commodities. The demand trajectory for this will be downwards.

Examples are utility, grocery store, restaurants etc.

2. Number of firms: Option b. Few

Type of product: Option c. Identical

Market Model: Option a. Oligopoly

When several huge organisations operate in an area then it is called oligopoly.

For example taxi industry, the customer does not mind about alike products but rather about their services.

3. Number of firms: Option a. One

Type of product: Option a. Unique

Market Model: Option d. Monopoly

When the business is ruled and administered by a single organisation is called a monopoly.

The outputs can be unique in the case when it is the only firm in the domain like drug manufacturing companies for AIDS.

To learn more about the market model and types follow the link:

https://brainly.com/question/22264445