b Choose a different firm from a different market structure

b. Choose a different firm from a different market structure and explain the characteristics of that market. It is best to go with a firm you frequent or are familiar with so you can speak from your own personal experiences. Note: Make sure that in parts a. and b. you described how competition affects the buyers and sellers involved in these market structures.

AVP-Market Structures Slide content:

• Characteristics

– Number of firms

– Barriers to entry

• Structures

– Perfect competition

– Monopolist

– Monopolistic competition

– Oligopoly

Solution

Ans

We choose pharmaceutical company Glenmark. It operates in monopolistic competition There are many sellers and large number of buyers. The products are differentiated. There are less barriers to entry. Perfect information is not available