Market Structures

Monopolistic Competition - a Market Structure in which many sellers offer similar products.

Advantages - Competitive, due to many buyers and sellers

Disadvantages - Each seller has a monopoly over their own unique product

Characteristics - Many sellers and buyers, similar but different products, limited control of prices, freedom to enter or exit market.

Example: T-Shirt Vendors

Oligopoly - A market structure in which only a few sellers offer a similar product.

Advantages - More competition than a monopoly I guess

Disadvantages - High prices due to less competition

Characteristics - Few sellers and many buyers, standardized or differentiated products, more control of prices, and little freedom to enter or exit the market

Example: Movie Theaters

Monopoly - a Market Structure in which only one seller sells a product for which there are no close substitutes.

Advantages - Whoever controls the monopoly makes a lot of money.

Disadvantages - Consumer is vulnerable to the power of the producer, high prices for consumers.

Characteristics - Only one seller, a restricted/regulated market, and control of prices.

Example: AT&T

Natural Monopoly - a market situation in which the costs of production are lowest when only one firm provides output.

Example: Water Company

Geographic Monopoly - a monopoly that exists because there are no other producers or sellers within a certain region.

Example: Sports' Teams

Technological Monopoly - a monopoly that exists because the firm controls a manufacturing method, invention, or type of technology.

Example: Polaroid

Government Monopoly - a monopoly that exists because the government either owns and runs the business or authorizes only one producer.

Example: Postal Service

Comment Stream

2 years ago

I think that the website was a little bit too simple. I think you need more information, pictures, and hyperlinks and such. The pictures you do have are good, but you need more.

2 years ago

I feel like my eyes wish there were more visuals.