Exaplin how a market reaches an Equilibrium and other.

1. Understanding Equilibrium. Explain how a market reaches an equilibrium?

2. Perfect Competition

What are the characteristics of perfect competition? ; Can you think of an example that may be close to perfect competition? ;

;3. Oligopolies and Monopolistic Competition

Monopolistic competitors try to product differentiate and price discriminate. ; ;Give an example of how you have experienced ;either one ;as a consumer. What type of market structure do you think best describes ;Microsoft, Google, Amazon, and Facebook?