Reflection: Market Structure

After we finished with gaining our knowledge of the four different market structures, monopoly, monopolistic competition, oligopoly, and perfect competition, there are several things that were interesting to me. One thing that stood out was that each market structure had their pros and cons, and so it isn’t possible to say that one particular firm is the best, and another is the worst because they all have different advantages and disadvantages. Also, now I know why some firms have cheaper products than other firms even when they sell similar products, which was really interesting to know.

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