In a Microsoft Word document, please complete the following.
In this assignment, you will be describing the four basic types of market structures in microeconomics. You will create this in an essay format.
Although there are many different examples of economies in the world, all of them demonstrate one or more of the four basic types of market structure. For this assignment, in your own words please do the following:
- Identify the four basic market structures, in order, from the best for consumers to the being the best for producers.
- Describe each in terms of their distinguishing characteristics (e.g., monopolies have only one producer). Make certain you describe how the characteristic distinguishes the associated market structure from other market structures.
For this assignment please create your response in a written essay. Make sure to use well-developed paragraphs to fully explore and explain your opinions and ideas.
Your essay should include at a minimum of 500 words.
Please use APA formatting in your essay â€“ if applicable.