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ECO 204 NEW Week 5 Final Paper 2
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Importance of Economic Market Structures

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ECO 204Principles of Microeconomics

 

 

Importance of Economic Market Structures

            Before an organization or investor makes a strategic decision to enter a product in today’s economy, a thorough market analysis is vital to fully comprehend the domestic and international demand, current suppliers, entry and exit barriers present, and cost of production for the product or service being provided.  The culmination of this investigation identifies the market structure the product resides in, associated potential long-run profitability, cost efficiency, survivability, and incentives for future entrepreneurs. This paper will describe the characteristics of four such market structures: perfect competition, monopolistic competition, oligopoly, monopoly while providing an illustrative example of each.  The paper further describes the 

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