Describe X-inefficiency and the perfect competitor. (a) Define and explain perfect competition, monopoly, and oligopoly. (b) Why firms do price discrimination? What are the assumptions or characteristics of perfect competition? What is pure competition?
Please explain the monopolistic competition and mention the difference with Oligopoly. Illustrate your answer with a real world example. Define: - Monopolistic competition. - Selling Cost. - Perfect Competition. What are the major features of monopolistic competition compared to the pure competition and...
Market forms are the different types of markets prevalent globally and possess different features. There are different market forms such as perfect competition, oligopoly, monopoly, and others. The firms in the economy possess certain features that synchronize with the f...
Market Structures and Relating Pricing Strategies Abstract This paper analysis’s the four categories of the market structure; perfect competition; monopolistic competition‚ oligopoly and monopoly marketing structures. It will also provide pricing strategies as they are specifically related to each...
In one diagram, draw the VMP curve and the MRP curve for an oligopolist. Explain why the curves look the way you drew them.OligopolyOligopoly is a type of market structure where a small number of large firms are present in the industry. ...
There are four basic market types that all firms fit into: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition and monopoly are at the two ends of the spectrum with the other markets falling in between....
A perfectly competitive firm can earn an economic profit, economic loss and normal profit in the short run. In the long run, all the firms earn normal profit or zero profit. There is no barrier to entry and exits, making it possible to earn normal profit i...