Question

Directions: Write a 3-4 paragraph essay with apa citations

Analyze a monopoly, oligopoly, monopolistic competitive firm, and perfectly competitive firm that you have recently purchased/consumed a good or service. Please make sure to relate your answers to the market characteristics of each of the market structure. Explain what market structure you would like to sell and buy products in.

please put in text citations, APA format

Answer 1

In perfectly competitive market there exist large number of buyers and large number of sellers. There exist homogeneity of the goods sold in the perfectly competitive market. Also the forms have a free entry and free exit. The buyers and sellers all have perfect knowledge about the market. The factors of production of the firms have perfect mobility. There is total absence of control of price in the perfect competition. monopolistic competitive market includes the industry where there exist many forms which offer different products and different services which are similar to each other. But are not perfect substitute. there exist low barriers to entry and exit of firms in this industry. oligopoly form of market is an industry which is usually dominated by a minute group of large sellers. Different forms of collution result in oligopolies which could decrease the market competition which ultimately leads to more prices for the customers. there exist on market structures in oligopoly. Monopoly market structure is characterized by only one seller which is selling a product which is unique in the market. In Monopoly market no competition is faced by the seller as the cellar himself is the sole seller of the goods with no any close substitute. There exist natural monopoly geographic Monopoly government Monopoly and technological monopoly. Apple iPhone industry exist in a Monopoly industry. Personally I would like to buy or sell products in perfect competition market.