ECO 204 Week 5 Final Paper Market Structure

You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions

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Situation

I have been hired as a consultant to the local mayor so that I can brief him/her about the situation of market structure in the region. It is very important to have knowledge of the same so that right kind of policies can be made for the region. There are different market structure and we will explore each of them in some sort of detail.

Market Structures

Perfect Competition: In such a market there are many players and hence there is huge competition. Due to too many sellers, customers are at advantage and hence the price point is...