Market Structures: In chapter 10 and beyond, you will learn about t...

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Market Structures: In chapter 10 and beyond, you will learn about the 4 basic market structures, namely perfect competition, monopolistic competition, oligopoly, and monopoly. Consider the following markets:

1. The market for breakfast cereal.
2. The market for gasoline.
3. The market for automobiles

How would you characterize each of these markets? That is, which of the 4 market structures seems to fit this market the best? How is each of these 3 markets I gave you similar to or different from each of the 4 market structures? In your answer, make sure you remember exactly the characteristics of these market structures.

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Market Structures:

1. The market for breakfast cereal.
The market for breakfast cereal is characterized by perfect competition as there are large number of sellers and buyers in the market for cereal and...

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