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Compare and contrast market systems and the role of an economist within these systems - Research Paper Example

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A Market System may be considered an integral aspect of the economy, where the fundamental decisions about the products and services to be produced, the selection of methods for the production of these products and services and the mechanisms selected for the distribution of the…
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Compare and contrast market systems and the role of an economist within these systems
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"Compare and contrast market systems and the role of an economist within these systems"

Download file to see previous pages Perfect Competition is a market system defined by a large number of buyers and sellers, similar type of products and a low cost of production (Pass, Lowes & Davies, 1993). In Perfect Competition, the role of an economist is to identify the barriers that may hamper the free play of demand and supply. Monopoly is a market system that comprises of a single seller and a product with no close substitutes (Pass, Lowes & Davies, 1993). Contrary to Perfect Competition, in a Monopoly, the seller commands a significant control over the price of the sold goods or services. Any economist dedicated to capitalism ought to extend a theoretical and ethical resistance in a monopolistic scenario. An Oligopoly is a market system dominated by a few sellers (Pass, Lowes & Davies, 1993). The products sold are usually identical or similar and are mostly associated with high cost investments, thereby discouraging the entry of the new players. The primary job of an economist in an oligopolistic market system should be to strive for a more efficient distribution of resources, thereby enabling the entry of new firms and an augmentation in ...Download file to see next pagesRead More
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