Economics: Market Structures, Game Theory, Price Discrimination

Economics
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Economics 1
Contents
Question- 1.......................................................................................................................................2
Question- 2.......................................................................................................................................3
Question- 3.......................................................................................................................................3
Question- 4.......................................................................................................................................3
Question- 5.......................................................................................................................................4
Question- 6.......................................................................................................................................6
References........................................................................................................................................8

Economics 2
Question- 1
Basis Perfect
Competition
Monopoly Monopolistic
Competition
Oligopoly
Number of
firms in the
market
In the perfect
competition, there
is presence of
large number of
small firms who
compete with each
other in the market
(Johnson, 2018).
In the monopoly
the market include
single firm who
control the entire
market with the
maximum level of
the market power.
In this market
structure, there is
availability of large
number of small
firms who compete
with other
companies present
in market.
Oligopoly
market structure
includes small
number of firms
who compete in
the market.
Similarity
of the
products
sold
This has been
found that
generally firm sells
the completely
identical goods to
the customers.
There is no
similarity of the
products available
in the market.
There is lack of
similarity in the
products which are
sold as most of the
companies sell
differentiated
products.
The products
which are
offered by the
company remain
homogenous or
differentiated.
Barriers to
entry
There is no barrier
to entry as it has
free entry and exit
to the market.
There is presence
of high barriers to
entry and exit of
the companies in
The organisation
can enter easily as
there is free entry
and exit of firms in
The organisation
can enter easily
as there is free
entry and exit of