Key characteristics of MARKET STRUCTURES
- Numbers of firms in the market
- Size of the market
- Barriers to entry and exit ?
- Differentiated or Homogenous product ?
- Perfect or Imperfect knowledge ?
- The extent to which the actions of one firm will affect another firm
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Types of MARKET STRUCTURES
- Perfect competition
- Monopolistic competition
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- Many BUYERS and SELLERS in the market
- Price TAKERS
- LOW barriers to entry and exit
- PERFECT knowledge
- Homogenous product
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