Exaplin how a market reaches an Equilibrium and other.
1. Understanding Equilibrium. Explain how a market reaches an equilibrium?
2. Perfect Competition
What are the characteristics of perfect competition? Can you think of an example that may be close to perfect competition?
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3. Oligopolies and Monopolistic Competition
Monopolistic competitors try to product differentiate and price discriminate. Give an example of how you have experienced either one as a consumer. What type of market structure do you think best describes Microsoft, Google, Amazon, and Facebook?
