Market Structures

A Market Structure is the number of firms producing identical products which are the same in almost every way except for name.

-*-There are different examples of the different types of market structure based on the special characteristics’ possessed by each type of market structure. Everything is completely dependent on what is being sold in the market at the time.


Monopolistic Competition is a type of imperfect competition in which that many producers sell products that are differentiated from one another by subtle differences such as taste, way of use, and other factors that are dependent on the manufacturer.

Characteristics:

- every firm makes independent decisions about price and output, based on its product, its market, and its costs of production

- knowledge is widely spread throughout people involved but will very rarely be perfect

- entrepreneurs have a much more significant role in these because a higher risk/reward system of decision making

- there are rarely any major barriers to entry

Examples: restaurants, general retailing, consumer services

An Oligopoly is a form of monopoly in which a state of limited competition, in which a market is shared by a small number of producers or sellers that dominate the marketplace.

Characteristics:

- typically composed of several large firms

- the firms sell either identical products under different names or completely different products altogether

- they have steep barriers to enter

Examples: Steel industry, Film, Television, Cell phones, and Gas

Comment Stream

2 years ago
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I like the links, you have all of the information, and that's a really cool background.🙀

2 years ago
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Background blew my mind💥. But besides that you have great examples and sources

2 years ago
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Good links and information and definitely an eye catching background ..,.. Nicee

2 years ago
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The background is nice and the information is great

2 years ago
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I like the visuals and links you provided.

2 years ago
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💃 Well done Tom Cragan, I just think you need to add a little more information. I like the layout though and hyperlinks

2 years ago
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Love the background and the information is to the point.

2 years ago
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The background is cool

2 years ago
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Good visuals, very informative.