Question

What struck you as being the most interesting thing that you learned concerning the different market structures, i.e, perfect competition, monoply, monopolistically competitive, and oligopoly market ?

Answer 1

When we learn about the different market structures the most important aspect that intrigues one person is the varying degree of competition . The degree of competition rises from monopoy to perfect competition being the lowest for monopoly and highest for PC . This degree of competiton is the core that actually differentiates between the features of each market structure . The variations in marketting strategies , pricing , demand curves , entry and exit of firms etc are all basically due to the amount of competition in the market .