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1 June, 11:39

There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services, and they view the quality of the tutoring at the different companies to be largely the same

1. Number of Firms (Few, One or Many)

2. Types of product (Differentiated, unique, anything, standardized)

3. Entry (Challenging, Impossible, Easy)

4. Market model (Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly)

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Answers (1)
  1. 1 June, 12:26
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    1. The number of firms in the market are many. With large number of demand in the market, there are lots of companies willing to cater the demand.

    2. Standardized.

    3. Easy.

    4. Perfect competition.

    Explanation:

    1. With large number of demand in the market, there are lots of companies willing to cater the demand.

    2. Given that the quality of the tutoring is largely the same, and the method to teach algebra would not vary much from person to person (usually because the same formula is used generally) but the way to teaching may differ slightly, but the services offered would tend to equalize in the market.

    3. There would be easy entry and exit and no barriers in the market.

    4. The market would be behaving more of like perfect competition selling homogeneous/standardized products.
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