Market Analysis

  • Created by: ajn220
  • Created on: 17-01-15 21:21

1. Further discuss more on theoretical market structures

  • Monopolistic competition- hairdressing, restaurants, specialised retail, selling slightly differently, imperfect competition, independent firms, low barrier to entry, SUPER NORMAL PROFITS IN SHORT RUN, dynamic
  • Oligopoly- Realistic, most common form of market structure, high barriers to entry, collusive, non collusive, dominating, petrol companies, reaction of rivals, interdependence,
  • Perfect competition- Homogenous products, freedom of entry exit, no transaction costs, perfect divisibility of output, perfect information to all agents
  • Monopoly- restricted barriers to entry, single/group companies, higher prices, inferior products
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2. Briefly describe the difference between an industry and market?

  • Industry- Firms as sellers that produce pareticular category of services, goods, such as insurance, holiday, electrical goods
  • Market- Consumers, after the same good, service or resource


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