You have been hired as a consultant by your local mayor to look at the various market str

You have been hired as a consultant by your local mayor to look at the various market structures.Your role is to provide analysis and answers to these important questions that will help the mayor understand 
the structures of many of the businesses in his city:
 Describe each market structure discussed in the course (perfect competition, monopolistic 
competition, oligopoly, and monopoly) and discuss two of the market characteristics of each 
market structure.
2. Identify one real­life example of a market structure in your local city and relate your example to 
each of the characteristics of the market.
3. Describe how high entry barriers into a market will influence long­run profitability of the firms.
4. Explain the competitive pressures that are present in markets with high barriers to entry.
5. Explain the price elasticity of demand in each market structure and its effect on pricing of its 
products in each market.
6. Describe how the role of the government affects each market structure’s ability to price its 
products.
7. Discuss the effect of international trade on each market structure.

 
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