In this Module, you will begin your studies of market structures with perfect competition. (Note: in the Modules following this Credit Unit, you will learn about three other market structures). You will analyze the price and output decisions of a firm in a perfectly competitive market. You will also learn more about the short and long run equilibria in a market with perfect competition.
Explain, compare and contrast, and apply in context each of the basic market structures - i.e. perfect competition, monopoly, oligopoly and monopolistic competition.