Indicate how high entry barriers into a market will influence
– Long-run profitability of the firms
– Cost efficiency of the firms in the industry
– Likelihood that some inefficient firms will survive
– Are competitive pressures present in the markets with high barriers to entry? Explain.
– Describe which market you would prefer for selling products. Explain why and support your answer with the characteristics of the market.
– Describe which market structure respond to price changes of the products they sell? Explain whether each market structure will be selling elastic or inelastic products, and how this will affect the market price charged.
– How does the role of the government each market structures ability to price their products?
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