Competition In Markets

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

MONOPOLY;;

• A Market Structure…