Title: Insight to the Four Markets

ECO204: Principles of Microeconomics (BWE1311A)

This paper is written concerning micro-economics and how through the four market structures (perfect competition, monopolistic competition, oligopoly, and monopoly) they can affect our daily lives. As we look at the different structures I will separate and outline each of them separately and give examples of how they are being used today.

Perfect competition consist of six basic assumptions, they are as follows: having many sellers and buyers, having a similar or near identical product, free entry and exit into the market, having perfect knowledge, and having near unlimited resources.

Now let's say you own a plastic injection molding company, and it was very expensive to set up. ...