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Your help would be appreciated with these questions 1. Explain the differences between the various market structures Monopolistic competition, Perfect competition, monopoly and oligopoly. Be
Your help would be appreciated with these questions 1. Explain the differences between the various market structures Monopolistic competition, Perfect competition, monopoly and oligopoly. Be sure to include the following characteristics in the explanation a. Angle of the demand curves b. Barriers to market entry c. Control over price of the product/service sold d. Amount of market information available e. Number of firms in the industry f. How decisions concerning the number of units produced are made g. The relevance of marginal analysis to firm decisions. 2. Describe a product/service that would be successful during current circumstances and the type of firm that would produce it. For example, would the firm be in perfect competition, oligopoly, imperfect competition etc. 3. Explain what steps the government should take to promote the success of new firms under current circumstances
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