List the Four Types of Market Structures Based on the Economic

question 236

Essay

List the four types of market structures based on the economic theory,and provide an example of an industry or business for each of the four types.

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Definitions:

Availability Heuristic

Estimating the likelihood of events based on their availability in memory; if instances come readily to mind (perhaps because of their vividness), we presume such events are common.

Mental Set

A tendency to approach a problem in one particular way, often a way that has been successful in the past.

Classifying Objects

The cognitive process of organizing items into categories based on shared characteristics.

Algorithms

A defined set of step-by-step procedures or rules followed in calculations or problem-solving operations, especially by a computer.