Answer in Economics for Kesh #282943
March 18th, 2023
Using example of a particular market in Mauritius,
describe and analyse the characteristics and
behavior of the chosen market in the short run and
long run. Discuss competition related factors and the
structure of the chosen market
From a microeconomics perspective, competition can be influenced by five basic factors: product features, the number of sellers, barriers to entry, information availability, and location.
Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.