Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples How do firms in an oligopolistic market set their prices? Use specific examples Explain how firms that compete in the four different market structures determine profitability. Use specific examples
- Explain what market inefficiencies derive from
monopolies andmonopolistic competition . Use examples - How do firms in an oligopolistic market set their prices? Use specific examples
- Explain how firms that compete in the four different market structures determine profitability. Use specific examples
Disclaimer
Since you have asked multiple questions, we will solve the first one for you. If you want any specific question to be answered, then please specify the question number or post only that question.
Introduction
Economics is the study of how individuals and society decide how to allocate their finite resources to meet their various desires and needs. A crucial component of this subject is the concept of markets, which refers to a certain kind of economic exchange between buyers and sellers. In a market economy, goods and services are exchanged in voluntary transactions, and prices are determined by the forces of supply and demand. Market economies are characterized by private ownership of assets, relative freedom of exchange, and the ability to determine prices independently. Generally speaking, market economies are self-regulating and favor competition, entrepreneurship, and efficiency.
Step by step
Solved in 3 steps
