Describe different market structures (perfect competition, monopoly, oligopoly,

Question

Describe different market structures (perfect competition, monopoly, oligopoly, duopoly, etc.) and describe how they affect output decision, pricing, distribution, product and service offering ( a good example is where there is substantial competition, many suppliers and a range of products and services for customers to choose from; another example is where there are few providers, little competition but high demand; remember about competitive advantage, strategies adopted by firms and regulation of competition )

Explanation / Answer

The various types of market structure are:

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