Eco204 principles of microeconomics | Business & Finance homework help
A real-life example of a market structure in my local city is the restaurant industry. This market can be characterized as an oligopoly, meaning there are few firms and significant barriers to entry. The restaurants within this industry have high control over prices due to little competition, leading to higher prices for consumers.
These establishments also tend to offer similar products or services, so it can be difficult for one business to differentiate itself from its competitors. Additionally, since all the businesses have access to the same information, they often make decisions collectively on how much output should be each produced product or service should produce and at what price they should set it at.