On the contrary industrial economics is more related to change in market structure, resulting in the changes of market behaviour or firm’s behaviour, which ultimately affect their market … Thus, every time we face a dilemma. In conclusion, the concept of market structure is central to both economics and marketing. Conclusion: The Social Market Economy in Retrospect Conclusion: The Social Market Economy in Retrospect Chapter: (p.390) Conclusion: The Social Market Economy in Retrospect Source: Freedom with Responsibility Author(s): A. J. Nicholls Publisher: Oxford University Press CONCLUSION REGARDING DEFINITION OF ECONOMICS. CONCLUSION. Thus, oligopolies can end up looking either more like monopolies or more like competitive markets, depending on the number of firms in the oligopoly and how cooperative the firms are. We know that the economists study resource allocation or resource utilization. Market Structure Conduct Performance Interrelations: In micro economics the equilibrium of the firm and industry is studied. Oligopolies would like to act like monopolies, but self-interest drives them closer to competition. One may, therefore, agree with Prof. Liner that Economics is what economists do.
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