Competition In Markets

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  • Created by: Chantelle
  • Created on: 09-06-10 18:52

Market Structures;;

Competition Occurs When People Can Choose From A Range Of Similar Goods

It Can Apply To Labour, Capital Markets & The Actual Market For The Goods & Services

  • Firms Operate In Markets
  • These Are Structured Differently

Perfect Competiton -

  • Many Firms Exist
  • Selling An Identical Product
  • Many Consumers
  • No Entry Restrictions
  • Firms & Buyers Well Informed Regarding Competitor's Prices

Monopolistic Competition - Many Sellers But Each Has A Different Product

  • Relatively Large Number Of Small Firms
  • Free Entry
  • Similar But Not Identical Products

We Can Look At 3 Different Types Of Market Structure & Find Examples Of Each...

- Monopoly

- Duopoly

- Oligopoly


  • A Market Structure


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