Answer to Question #29626 in Microeconomics for Marissa Newman

Question #29626

What is the difference between various market structure, i.e., perfect competition, monopolistic competition, oligopoly, etc.? How is short run equilibrium different from long run equilibrium for firms operating in each of these markets?

What are economies of scale, diseconomies of scale, constant economies of scale, external economies, and external diseconomies?

How is a natural monopoly different from a regular monopoly?

How are natural monopolies regulated?

How could you best describe “excess capacity” that firms may experience?

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