Reference no: EM131157886

Examine pure competition, oligopolies, and monopolies from both the perspective of an entrepreneur as well as a consumer and answer the questions below:

1. List the level of price control in each market type in descending order (largest to smallest).  Please include in your explanation the factors that give the firms in the market much or little control of price.
2. List ease of entry for new firms, in each market type, in descending order (hardest to easiest).  Please include in your explanation the factors that limit or allow firms to enter the industry in each market type.
3. As an entrepreneur, typically, which market would you prefer in the long-run?  Explain your answer. 
4. As a consumer, typically, which market would you prefer?  Explain your answer.
5. What is the long-run economic profit of a competitive firm?  What happens if a competitive firm has an economic profit in the short-term?
6. Please explain how product differentiation might impact (or have no impact) on the profit of the firms in each market type.