2. Market structuresFor each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matchingentry for each dropdown box in the following table.ScenarioThere are hundreds of colleges and universities that servemillions of college students each year. The colleges vary bylocation, size, and educational quality, which allows studentswith diverse preferences to find schools that match their needs.Dozens of companies produce plain white socks. Consumersregard plain white socks as identical and don't care about whosells them their socks. The technology for producing socks iswidely known, and any reputable person who wanted to start asock manufacturing business could obtain a loan from a bank tobuy the necessary machinery.In a small town, there are four providers of broadband Internetaccess: a cable company, the phone company, and two satellitecompanies. The Internet access offered by all four providers is ofthe same speed. Almost everyone in the city already hasbroadband, so any potential new company would have to engagein a price war with the existing companies and would be unlikelyto cover its costs for years, if ever.A publishing company owns the U.S. copyright to a popularseries of books. It is the only company with the legal right topublish these books in the United States.Number ofFirmsManyType of ProductIdenticalDifferentiatedIdenticalUniqueMarket ModelPerfect Competition 2. Market structuresFor each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matchingentry for each dropdown box in the following table.ScenarioThere are hundreds of colleges and universities that servemillions of college students each year. The colleges vary bylocation, size, and educational quality, which allows studentswith diverse preferences to find schools that match their needs.Dozens of companies produce plain white socks. Consumersregard plain white socks as identical and don't care about whosells them their socks. The technology for producing socks iswidely known, and any reputable person who wanted to start asock manufacturing business could obtain a loan from a bank tobuy the necessary machinery.In a small town, there are four providers of broadband Internetaccess: a cable company, the phone company, and two satellitecompanies. The Internet access offered by all four providers is ofthe same speed. Almost everyone in the city already hasbroadband, so any potential new company would have to engagein a price war with the existing companies and would be unlikelyto cover its costs for years, if ever.A publishing company owns the U.S. copyright to a popularseries of books. It is the only company with the legal right topublish these books in the United States.Number ofFirmsMany ▼OneFewManyType of ProductIdenticalMarket ModelPerfect Competition2. Market structuresFor each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matchingentry for each dropdown box in the following table.ScenarioThere are hundreds of colleges and universities that servemillions of college students each year. The colleges vary bylocation, size, and educational quality, which allows studentswith diverse preferences to find schools that match their needs.Dozens of companies produce plain white socks. Consumersregard plain white socks as identical and don't care about whosells them their socks. The technology for producing socks iswidely known, and any reputable person who wanted to start asock manufacturing business could obtain a loan from a bank tobuy the necessary machinery.In a small town, there are four providers of broadband Internetaccess: a cable company, the phone company, and two satellitecompanies. The Internet access offered by all four providers is ofthe same speed. Almost everyone in the city already hasbroadband, so any potential new company would have to engagein a price war with the existing companies and would be unlikelyto cover its costs for years, if ever.A publishing company owns the U.S. copyright to a popularseries of books. It is the only company with the legal right topublish these books in the United States.Number ofFirmsManyType of ProductIdenticalMarket ModelPerfect CompetitionMonopolistic CompetitionMonopolyOligopolyPerfect Competition

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Pure/perfect competition, monopolies, oligopolies, and monopolistic competition are the four primary…