types of market structure - Types of Market Structures...

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Types of Market Structures Types of Market Structures monopoly dominant firm oligopoly monopolistic competition perfect competition Perfect Competition producers have no say in what the prices will be consumers have no vote on the price range of the production all competitors are selling the same production information about the product is present to firms consumers there is no information hidden to either parties any firm is allowed to join the market means that they are able to enter or exit when they feel sectors food restaurants agriculture retail Monopoly contrasts from perfect competition in every aspect one dominant firm is present in the market infant industries are not able to compete nor do they form competition against these dominating firms selling at a lower price to attract customers have patents to protect the firm
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Unformatted text preview: ◦ ideas ◦ no one else has the right to copy them without their consent Dominant • similar to perfect competiton • areas ◦ grocery ◦ clothing ◦ restaurants ◦ hotels ◦ theatres • fee to enter and exit the market are minimal • less demand with price increase • more demand with price decrease • they are able to decide the price of the product Oligopoly • not many competitors • however, there can be many competitors present in the market • sometimes there is confusion with this type of structure and monopoly as there is also a firm that “appears” to be the dominant Monopolistic competition • not the same as monopoly!!!!! • low price is not the format they follow • want to make profits • companies are close to being the same • they are only able to enter the market if they are profitable...
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