We have discussed different market structures (some of which more common than others). America and many other western economies have become the standard-bearer for promoting "competitive markets. What do you think about living in a world in which perfect competition, monopoly, monopolistic competition or oligopoly is the norm? What are the strengths and weaknesses in each of these structures. Certainly (positive analysis), perfect competition insures not only allocative but also productive efficiency, but what would it be like to live in a world where all consumer markets are perfectly competitive? Is that the kind of word you want to live in (normative analysis? Read and reply to at least two other postings for full credit.

Answer rating: 100% (QA)

With most efficient usage of resources consumer benefits equal price and homogeneity the perfect com... View the full answer