The long-term effects of different market types on economic well-being include:

1. Perfect Competition:

   • This means there are many firms competing fairly.
   • Here, the price is equal to the cost of producing one more item.
   • Customers get the best deal, and companies make just enough profit to stay in business. This helps overall economic well-being grow.

2. Monopoly:

   • In a monopoly, one company controls the market.
   • The price is higher than the cost it takes to make the product.
   • This can lead to a loss in overall benefit for society. Estimates say this loss can be as high as 20% of what everyone could have enjoyed.

3. Monopolistic Competition:

   • In this type, there are many firms, but they sell slightly different products.
   • Here, companies make more than they need. The price is higher than both the cost to make a product and the average cost.
   • Over time, this leads to a loss in economic well-being, about 10% less than what we see in perfect competition.

4. Oligopoly:

   • In an oligopoly, a few companies control the market.
   • Prices tend to be stable, and companies might work together to keep their prices high.
   • This means the amount of goods available can be lower, with prices being the same or higher than the cost to make them.
   • Economic well-being varies, but studies suggest it could be 15% lower than in perfect competition.