Market Structures

characteristics of the market structures e.g oligopoly , monopoly

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  • Created by: Quinched
  • Created on: 27-03-12 09:54

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

 

  • Monopoly

 

  • Oligopoly

 

  • Monopolistic competition
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PERFECT COMPETITION

  • Many BUYERS and SELLERS in the market
  • Price TAKERS
  • LOW barriers to entry and exit
  • PERFECT knowledge
  • Homogenous product
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