Market Structures: Perfect Competition, Monopolistic Competition, Oligopoly, Mon

Question

Market Structures: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly Describe the following each one: 1. characteristics of the market 2. number of substitutes for the good 3. barriers to entry- legal, control of resource, financial 4. government involvement/regulation in the industry 5. government costs to control and regulate the industry 6. how do they price goods? competition? 7. how much of the good do they/should they produce? 8. profit? high or low? 9. real world example of a business in that industry 10. a lot of marketing and advertising? 11. price discrimination to different buyers

Explanation / Answer

Perfect Competition and Oligopoly:

Monopolistic Competetion.

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