Answered: There are 4 main market structures in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

There are 4 main market structures in the economy. Select an example
and explain each structure.

Answer should be elaborated and should have example for each structure. Word should not be lesser than 700. Thank you.

Expert Solution

Introduction

A market is defined as a structure which allows the buyers and sellers to interact with each other and strike a deal. The type of market structure depends upon its characteristics. The main characteristics which influences a market are: number of buyers and sellers, level of competition, existence of selling cost, entry and exit in the market, market share, etc. The major forms of markets are: Monopoly, monopolistic competition, oligopoly, perfect competition, monopsony, and duopoly.

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