Assessment 2: Microeconomics Market Structures Research Essay

This research essay delves into the core concepts of microeconomics, focusing on market structures and their impact on economic outcomes. It begins by defining and contrasting the four main market structures: perfect competition, monopoly, monopolistic competition, and oligopoly, detailing their characteristics, profit maximization strategies, and the economic profits earned in the short and long run. The essay then provides a real-world application by analyzing the telecommunications industry in Bangladesh as a case study of a monopoly, examining its market share, price and output decisions. The paper concludes with a comprehensive overview of the concepts discussed, reinforcing the importance of understanding market structures in microeconomic analysis.