Answer to Question #282943 in Economics for Kesh

Question

Using example of a particular market in Mauritius,

describe and analyse the characteristics and

behavior of the chosen market in the short run and

long run. Discuss competition related factors and the

structure of the chosen market

Answer 1

From a microeconomics perspective, competition can be influenced by five basic factors: product features, the number of sellers, barriers to entry, information availability, and location.

Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.