I need help with the two following questions:
Prompt:The four basic types of markets are: purely competitive, monopolistic, oligopolistic, and monoplisitically competitive. When considering markets as a place for doing business, one must look at the barriers to entry. By this, economists mean “how hard or easy is it to go into business?”
- If you were planning to go into the “deallybob” business, what barriers to entry would you have to consider in entering that market?
- Discuss the various market structures and how the market for “deallybobs” could be associated with each. For example, how would a purely competitive “deallybob” market differ from an oligopolistic market? Use any combination of market comparisons you wish and discuss the differences between them.