Task:
e discussed the structure of markets and their two extremes: monopoly and perfect competition. The following questions ask you to Wdescribe markets that are between these two extremes.
Problem 1: Describe a market for a good or service that exhibits monopolistic competition. Are firms in a monopolistically competitive market more innovative than a perfectly competitive market or a monopoly?
Problem 2: Describe a market for a good or service that is an oligopoly. How does the structure of this market affect the firms' decision-making?