Project description
You have been hired as a consultant by local mayor to look at various market structures. your role is to provide analysis and answers to these questions.
1. Describe each market structure: perfect competition, monopolistic competition, oligopoly and monopoly. and discuss two of the characteristics of each market structure.
2. Identify one real-life example of a market structure in your local city and relate example to each of the characteristics of the market.
3. Describe how high entry barriers into a market will influence long-run profitability of the firms.
4. Explain the competitive pressure that is present in markets with high barriers to entry.
5. Explain price elasticity of demand in each market structure and its effect on pricing of products.
6. Describe how the role of the government affects each market structures ability to price its products.
7. Discuss the role of international trade on each market structure.

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