Describe the four basic types of market structures

Course Learning Objective #4:   Describe the four basic types of market structures

Although there are many different examples of economies in the world, all of them demonstrate one or more of the four basic types of market structure. For this assignment, in your own words,

• Identify the four basic market structures, in order, from the best for consumers to the being the best for producers.
• Describe each in terms of their distinguishing characteristics (e.g., monopolies have only one producer). Make certain you describe how the characteristic distinguishes the associated market structure from other market structures.

A minimum of 100 words is required for each market type for a total of 400 words. Please ensure you are provided support for your answers.

Bear in mind you are listing these market structures in order; the first market structure would be the one best for consumers and the last the structure that is best for sellers or producers but the worst for consumers. More firms in the market increases competition which is usually better for consumers, while larger firms with more marketshare may be detrimental for consumers but better for those firms.

In addition, it should be written well using correct grammar, and references need to be properly APA formatted

Please submit your answers via a Microsoft Word document here.

Grading rubric

35/35 points Justification and Accuracy of answers (research, opinion, point articulation, support of your answer)

10/10 points Spelling, grammar, formatting (typos, grammar style, tone, flow, title page, reference formatting)

45/45 total points