Explain about Market Structures briefly
Explain about Market Structures briefly.
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Market Structures:
• Economists are capable to analyze a smooth continuum of market structures along with monopoly on one end and perfect competition onto the other.
• Advertising and marketing campaigns to distinguish products in oligopolistic markets are planned to promote product homogeneity’s images.
• Monopolistic Competition of Monopolistically competitive firms are not allocatively capable since P>MC, if are productively efficient because economic profits equal zero within the long run.
• The results of pure and monopolistic competition be different primarily since monopolistic competitors sell differentiated products, when outputs of pure competitors are homogeneous.
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Question Discuss what "economic development" means in the context of this game? (Hint: How do you win, and what do you have at the end of the game that you did not have at the beginning of the game?)
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