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Take a practical example to describe a form of market structure. Draw illustrations if needed.
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- MICROECONOMICS See the graph below, Label and Describe in terms of : A. Name of Market Structure B. Ability to control prices C. Spending on advertising and marketing D. Pure profit, Normal profit or losses.Which dimension is related to market competition? Social dimension Natural dimension Socio-cultural dimension Economic dimensionAgriculture, or farming, is a decent example of which type of economic market? a. oligopoly b. monopolistic competition c. monopoly d. perfect competition
- Which of the following is not a typical characteristic of a market system? Multiple Choice a. profit as a success Indicator b. consumer sovereignty c. lack of Incentives to produce new products d. freedom of choice e. competition in product and resource marketsExplain different types of competition and also state why is competition good for the consumer from an economics perspectiveHow does competition affect prices in a market system? How does it affect supply(what producers provide) and demand (what consumers want)?
- How do market concentration and market power relate to the principle of competition?How are companies able to use the differences in culture to effectively market a product or service to specific groups of people ?What type of market structure is this toilet paper most likely to be in? Describe at least three characteristics of that market structure.