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Compare and contrast the assumptions and equilibrium positions reached by firms (both short run and long run) in perfectly competitive and monopolistically competitive industries.
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2. Compare and contrast the assumptions and equilibrium positions reached by firms (both short run and long run) in perfectly competitive and monopolistically competitive industries. One of the most widely accepted set of ideas within in the field of economics is that of 'market structure'. This can be best viewed as a 'spectrum' of different types of markets with regard to the extent of competition within these markets. The two, more theoretical, extremes are industries of 'perfect competition' and 'pure monopoly'. All market structures in between seen as 'imperfectly competitive. Market structure spectrum: The market structures I am interested in for the purposes of this essay are the perfectly competitive and monopolistically competitive structures. I will attempt to compare and contrast the assumptions made about these structures and the short and long run equilibrium positions reached in each structure. Perfect competition is a theoretical market structure. The assumptions behind a perfectly competitive market are...
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