You’ve been employed as a advisor by your native mayor to have a look at the numerous market constructions. Your function is to offer Assessment and solutions to those necessary questions that can Help the mayor perceive the constructions of lots of the companies in his metropolis:
- Describe every market structure mentioned in the course (excellent competitors, monopolistic competitors, oligopoly, and monopoly) and talk about two of the market characteristics of every market structure.
- Establish one real-life instance of a market structure in your native metropolis and relate your instance to every of the characteristics of the market.
- Describe how excessive entry boundaries right into a market will affect long-run profitability of the corporations.
- Clarify the aggressive pressures which are current in markets with excessive boundaries to entry.
- Clarify the value elasticity of demand in every market structure and its impact on pricing of its merchandise in every market.
- Describe how the function of the authorities impacts every market structure’s means to cost its merchandise.
- Discuss the impact of worldwide commerce on every market structure
