How do the different market structures affect the quality of life of consumers
How do the different market structures affect the quality of life of consumers
Homework Answers
The quality of life of consumer is related to the choices, the surplus she gets, and welfare. The different market structures influence differently these above mentioned things.
As far as choices are concerned, the perfect competition allows a consumer to have more wide choices having large number of buyers and sellers. Monopoly restricts the power of choices to a large extent.
The surplus is the consumer gets, the difference between what consumer is willing to pay and what she actually pays, is maximum in perfect competition and minimum in monopoly.
Deadweight loss is also more in monopoly and less in perfect competition.
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How do the different market structures affect the quality of
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