Question

Analyze a monopolistically competitive firm, oligopoly, and monopoly that you have recently purchased/consumed a product. Make sure to relate your examples to the market characteristics. Explain how these firms will operate in the long run given the search for profits.

Answer 1

In long run, monopolistic markets tend to become Oligopolistic or perfectly competitive. Similarly, both monopolistic competitive and perfectly competitive in long run lead to duopoly and monopoly or oligopoly.

An example of monopoly market is fixed line telephone services by AT&T in 1970,whereas perfectly competitive example are banking industry in America with wode variety of small and large banks. An exmaple of Oligopolistic market structure is the Telecommunications sector in USA with 4 large players of equal sizes.

PLEASE UPVOTE INCASE YOU LIKED THE ANSWER WILL BE ENCOURAGING FOR US THANKYOU VERY MUCH ALL THE BEST IN FUTURE