Although there are many different examples of economies in the world, all of the

Question

Although there are many different examples of economies in the world, all of them demonstrate one or more of the four basic types of market structure. For this assignment, in your own words,
-Identify the four basic market structures, in order, from the best for consumers to the being the best for producers.
-Describe each in terms of their distinguishing characteristics (e.g., monopolies have only one producer).
-Make certain you describe how the characteristic distinguishes the associated market structure from other market structures.

Explanation / Answer

The four market structures in their asked order are as follows

1.perfect competition

many producers and buyers

standardized product

Barriers to entry

2.Monopolistic Competition

Many firms

differenciated product

No Barriers to entry

3.Oliogopoly

Few producers

standardized product or differenciated product

Barriers to entry

4.Monopoly

Single seller

Consumers are price takers

standardized product

Barriers to entry

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