What are the four market types? Give an illustration of each. From a social standpoint, what...

What are the four market types? Give an illustration of each.

From a social standpoint, what is the problem with monopoly? Discuss this using an example for illustration

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Expert Solution

The four market types are Monopoly, Monopolistic, Oligopoply, Perfect Competition.

From the societal point of view, monopoly is not the most efficient of the market types. This is the equilibrium level quantity in lesser in the case of a monopoly as against that what is socially optimum, that is, the equilibrium quantity in Case of a perfectly competitive market. For example, in case of a competitive market, the prices are determined by the market forces and thus a consumer will pay only the price which he is willing to pay or according to the utility that he derives. In case of a monopoly, the consumer has to pay the price that is set by a monopolist and if the price is higher than the consumer's utility, the consumer will either not buy that commodity or will pay a higher price for it that what he is willing to pay. This thus reduced his level of utility and thereby the total social welfare level reduces.

Rahul Sunny answered 2 years ago

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