Question

"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".

Answer 1

i have recently consumed a type of sweet made of dates from a small village. an old woman was selling it because she was the only person who knows how to make it and as she was the only seller of that sweet she runs a monopoly market for that perticular sweet. i bought a new mobile phone from the brand motorola recently which definitly is an oligopolistic form of market structure, with few no. of sellers and close substitutes. i have recently bought a soap from the brand lux, which is a form of monopolistically competitive market with larger no. of buyers and sellers, and close substitutes. from the perfect competitive market structure i bought some rice. as we know agricultural market is considered to be closet to perfect competition with large no. of buyers and sellers, perfect substitutes, rice is definitly a perfect competitive market form.

for selling a product a monopoly market is always favourable as you are the sole controler of the market. but for buying i will always prefer perfect competition because perfect competition is considered as the best form of market with zero exploitation.