oligopoly - In economics market structure describes the...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
In economics, market structure describes the state of a market with respect to competition. The major market forms are: Perfect competition , in which the market consists of a very large number of firms producing a homogeneous product. Monopolistic competition , also called competitive market, where there are a large number of independent firms which have a very small proportion of the market share. Oligopoly , in which a market is dominated by a small number of firms which own more than 40% of the market share. Oligopsony , a market dominated by many sellers and a few buyers. Monopoly , where there is only one provider of a product or service. Natural monopoly , a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm. Monopsony , when there is only one buyer in a market. The imperfectly competitive structure is quite identical to the realistic market conditions where some monopolistic competitors, monopolists, oligopolists, and duopolists exist and
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/31/2010 for the course ECONOMICS 322 taught by Professor H during the Spring '08 term at Kadir Has Üniversitesi.

Ask a homework question - tutors are online