Group Work Student’s Name Institution’s Name Course Name Professor’s Name Due Date Group Work Part 1 (ii) Give a local and an international example of each Market Structure. Perfect Co ...

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Group Work
Student’s Name
Institution’s Name
Course Name
Professor’s Name
Due Date

Group Work
Part 1 (ii) Give a local and an international example of each Market Structure.
Perfect Competition
In economics, perfect competition is a theoretical market structure used as a standard to comprehend how supply and demand affect pricing and market economy behavior. Even though it doesn't happen often in actual markets, it offers essential information about optimal market circumstances. A local example would be farmers selling similar produce in a given area at the same marketplace. Prices are directly determined by supply and demand; the products are all homogenous, meaning no single farmer can choose the price. Global agricultural markets, like the worldwide coffee bean market, are the closest approximation to perfect competition as many producers compete for market shares. No single producer controls the price globally.
Monopolistic Competition
A market structure known as monopolistic competition blends aspects of competitive and monopoly markets. In essence, a monopo