Answer the Following: A. Discuss Each of the Following Economic Market Structures(i.e., Number

question 3

Essay

Answer the following:
a. Discuss each of the following economic market structures(i.e., number of firms in inchistry, barriers to entry, uniqueness of product):
1. Perfectly competitive market
2. Monopolistic competition
3. Oligopoly
4. Monopoly
b. Match the following industries with the appropriate economic market:
Restaurants
United StatesPost Office
Cereal
Wheat farmer
Automotive

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Definitions:

Variable Overhead

encompasses the costs of production that vary with the level of output, such as utilities and materials, as opposed to fixed overheads.

Direct Labour Hours

The total hours worked by employees directly involved in the manufacturing process of a product.

Static Budget

A budget based on a fixed set of assumptions that don't change over the period it covers, regardless of actual changes in volume or activity levels.

Standard Costing

Standard Costing is a cost accounting method that uses fixed overhead rates and standard costs for materials and labor to help control costs and measure performance.