Question 5
There are 4 main market structures in the economy. Select an example
and explain each structure
Please answer the question not less than 700 words with relevant examples and elaborations. Thank you.
Introduction
The market is generally understood to mean a particular place or locality where goods are sold and purchased. But here in economics, it does mean the existence of a contract between buyer and sellers so that transaction at an agreed price can take between them. The market structure has some crucial elements such as the number of firms producing a product and the nature of the product produced by the firms' whether it is homogeneous or differentiated. And another one is the ease with which new firms can enter the industry.
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