Assignment 1: Characteristics of the Various Market Structures
The market structures influence how price and output decisions are made by the firms in their respective structure. In all market structures, one of the primary goals is to maximize profits or minimize losses.
One of the major differences between these market structures is how price and output decisions are made, which in turn depends on the characteristics of each market structure. There are four market structures:
- Perfect competition
- Monopolistic competition
- Using Template A, construct a table that describes the various characteristics of each market structure.