Compare and contrast market systems and the role of an economist Research Paper

Comp atomic number 18 and contrast market ashess and the role of an economist within these systems - Research reputation ExamplePerfect Competition is a market system defined by a large number of buyers and sellers, similar type of products and a number one 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 attend 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 h igh cost investments, thereby discouraging the entry of the new players. The primary job of an economist in an oligopolistic market system should be to sieve for a more efficient distribution of resources, thereby enabling the entry of new firms and an augmentation in