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?