Question:
<Consider competitive markets, monopolies, and oligopolies. What role does each of these play in an economy?
• What are the characteristics of each market structure?
• How is price determined in each market structure in terms of maximizing profits?
• How is output determined in each market structure in terms of maximizing profits?
• What are the barriers to entry, if any?
• What role does each market structure play in the economy?
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