The output of a business and the price of its product are determined by the amount of competition faced rather than the objectives of the business.' Referring to examples and economic theory, discuss the extent to which this is true?

Answer should address the following:

• Description of different market structures: perfect competition, monopoly, oligopoly, monopolistic competition
• Barriers to entry and other factors determining the market structure
• Implications for business behavior of different market structures
• Production/pricing decisions for a price-setting firm and a price-taking firm