Market Structure

Explain how firms set their price and output in response to the actions of their rival firms.
Discuss the extent to which the survival of firms in the real world depends on the actions of their rival firms.
Contrast the features of perfect competition with those of monopoly.
Discuss the view that there should be more regulation of monopolies in an economy.
Discuss the view that oligopoly is the most common market structure in Singapore.
With the use of examples, differentiate between the key features of the economic models of monopolistic competition and monopoly.
Discuss the view that more market power leads to the exploitation of consumers.
Using appropriate diagrams, compare price determination in a perfect market with that of imperfect market.
Why would a firm expand in size?
Discuss whether the conduct of firms that operate in an imperfect market is necessarily harmful to society.
To what extent is an oligopolistic market structure the most realistic model in explaining real world competitive behavior?
Explain what is meant by monopolistic competition and why the majority of firms in Singapore are operating in such a market.
Discuss whether the existence of many monopolistically competitive firms lead to inefficiency in the Singapore economy.
Account for the different types of profits between a perfectly competitive firm and a monopoly in the long run.
With the use of an example, explain the concept of price discrimination and the conditions under which it may occur.