This is one of a range of workshops that are provided with the book 'Essentials of Economics' published by Pearson Education. Click on the Pearson Education logo to find out further details of the Economics books they publish and the supporting resources available to adopters of the books. Workshop 4 - Market Structures 1. It is usual to divide markets into four categories.
Firms are price takers.
There is perfect knowledge on the part of consumers of price and product quality. The market for foreign currency 4. The following diagram shows the cost curves of a firm under perfect competition. Assume now that the monopolist decides not to maximise profits, but instead sets a price of 40. The firms may produce either a homogeneous or a differentiated product.