Market Structures Comparison

Compare the four market structures: perfect competition (many firms, identical products, price takers), monopolistic competition (many firms, differentiated products, some price control), oligopoly (few firms, interdependent decisions, strategic behavior), and monopoly (single firm, unique product, price maker). Understand how each structure determines pricing using MR=MC, barriers to entry, long-run economic profit, and efficiency outcomes for consumers and society.

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