Differentiate between the four levels of competition and offer examples of each type.
This is my answer
Four type of market structure are
Perfect competition where each buyer and seller are large in number and cannot influence the market.Produvt are homogenous and there is free entry and exit. All firms earn normal profit in long run and there is perfect knowledge or symmetric information.
Monopolistic market where large no of buyers and seller but products are differentiated due to which producer have some market power.There is free entry and exit of the firm.
Monopoly are the market structure where there is single seller and many buyers.Monopoly cam earn profit both in short run as well as long run but monopoly cam discriminate and can charge different prices to different consumer.There is no entry and restricted entry in the industry.e.g. Post office.
Oligopoly market are those market in which few sellers have more market power and product is homogenous,firm cam earn profit in short run.E.g. Testile industry where few firms are dominant
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Differentiate between the four levels of competition and offer examples of each type.
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