Answer:
a. Purely competitive
b. Monopolistic Competition
c. Monopolistic Competition
d. Oligopoly
Explanation:
a. Corn farming is a purely competitive market as there is a large number of producers selling the homogenous good i.e corn. Β
b. Grocery stores are an example of monopolistic competition as there is a large number of sellers providing differentiated products. Β
c. Electric companies are also an example of monopolistic competition as there is a large number of companies providing differentiated products. Β
d. Automobile manufacturing is an oligopoly market, there are few large firms dominating the market. These firms are producing slightly differentiated products and are interdependent.
