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Chapter 8 And 9 Study Guide

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Chapter 8 and 9 covered some critical material. Two types of market structures - perfect competition and monopoly - were described. These two chapters helped me have a better grasp of what it means for a firm to be in a perfectly competitive market where as a business owner you have no power as far as price is concerned, which brings the concept of price taker that is critical in this type of market.
On the other hand, when it came to monopoly, I learned it could be interesting to operate in a market where you are the only supplier, therefore making it difficult for other firms to compete with you.
All in all, week 6 has provided with some insights on how firms operate whether they are in a competitive or monopolistic market.

1. Why will
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