- Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
- Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market.
- Describe how high entry barriers into a market will influence long-run profitability of the firms.
- Explain the competitive pressures that are present in markets with high barriers to entry.
- Explain the price elasticity of demand in each market structure and its effect on pricing of its products in each market.
- Describe how the role of the government affects each market structure’s ability to price its products.
- Discuss the effect of international trade on each market structure.
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