Market Structures In an eight- to 10-page paper, describe each market structure discussed in the course (ECO 204) (perfect competition, monopolistic competition, oligopoly, monopoly), provide a real-life example of each market, and respond to the following for each market structure: Indicate how high entry barriers into a market will influence: Long-run profitability of the firms Cost efficiency of the firms in the industry Likelihood that some inefficient firms will survive Incentive of entrepreneurs to develop substitutes for the product supplied by the firms Are competitive pressures present in markets with high barriers to entry? Explain. Describe which market structure you would prefer for selling products. Explain why and support your answer with the characteristics of that market. Describe which market structure you would prefer for buying products. Explain why and support your answer with the characteristics of that market. How does each market structure respond to price changes of the products that they sell? Explain whether each market structure will be selling elastic or inelastic products, and how this will affect the market price charged. How does the role of the government affect each market structure’s ability to price their products? How does international trade affect each market structure? The Market Structures Final Paper Must be eight to 10 double-spaced pages in length (not including title and references pages) and formatted according to APA style Must include a separate title page with the following: Title of paper Student’s name Course name and number Instructor’s name Date submitted Must use at least five scholarly sources from the Ashford University Library in addition to the course text. The Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.)Links to an external site. table offers additional guidance on appropriate source types.