1.5 Perfect competition, imperfectly competitive markets and monopoly

An economist compiles the following structural data for four different domestic industries ( $W$ , $X$ , $Y$ , and $Z$ ):

Industry	Four-Firm Concentration Ratio ( $CR_4$ )	Product Type	Barriers to Entry
$W$	12%	Homogeneous	None
$X$	82%	Differentiated	High
$Y$	28%	Differentiated	Low
$Z$	100%	Unique	Extremely High

Which of these industries is most likely to be classified by economists as operating under monopolistic competition?

Industry $W$

Industry $X$

Industry $Y$

Industry $Z$

1.5 Perfect competition, imperfectly competitive markets and monopoly Questions

An economist compiles the following structural data for four different domestic industries ( $W$ , $X$ , $Y$ , and $Z$ ):

Industry	Four-Firm Concentration Ratio ( $CR_4$ )	Product Type	Barriers to Entry
$W$	12%	Homogeneous	None
$X$	82%	Differentiated	High
$Y$	28%	Differentiated	Low
$Z$	100%	Unique	Extremely High

Which of these industries is most likely to be classified by economists as operating under monopolistic competition?

Industry $W$

Industry $X$

Industry $Y$

Industry $Z$