NOTE: This question is worth twice as many points as the oth…

NOTE: This question is worth twice as many points as the other questions so be sure to spend more time on it. (3-4 paragraphs expected) 4. Compare and contrast the four main types of market structures—perfect competition, monopolistic competition, oligopoly, and monopoly.In your response, describe the key characteristics of each market structure including:  the number of firms, type of products, ease of entry and exit, and level of price control. Provide a real-world example for each type.

This question involves your understanding of how changes can…

This question involves your understanding of how changes can affect supply and demand of a product. 3a) In a market economy, prices play a central role in coordinating economic activity. Explain how shortages and surpluses are eliminated through the price mechanism in a competitive market system. In your response, be sure to Define what shortages and surpluses are, Describe how the forces of supply and demand react to eliminate shortages and surpluses (1-3 paragraphs expected)