Description
Market Structures
Prepare a paper comparing and contrasting any two of the following market structures – Perfect competition, Monopoly, Monopolistic competition, Oligopoly. State clearly at the top of your paper which two market structures you are discussing. Discuss the essential features of the two market structure chosen. Make sure to address the following for each.
Typical goods or services produced under the market structures
Pricing and non-pricing strategies that are employed in each market structure and why. Types of barriers to entry in each structure
Price elasticity of demand under each market structure
Economic profits made by firms in the market structure
Advantages and limitations of operating in each market structure
Give at least three examples of firms/industries that fall under the market structure Explain why these examples fit into the market structure.
