jump to navigation

Market Structures October 21, 2008

Posted by petrarcanomics in The Firm Under Perfect Competition.

There are four basic market structures with a variety of distinct characteristics. These market structures are called perfect competitors, monopolistic competitors, oligopolies, and monopolies.

Perfect Competitor: The perfect competitor is comprised of many firms, sells a homogeneous product, and is a very easy market to enter.

Monopolistic Competitor: Monopolistic Competitors also have many firms, but have a differentiated product, and is a relatively easy market to enter.

Oligopolies: Oligopoly industries contain few firms, have a homogeneous or differentiated product, and has many barriers that make it difficult to enter.

Monopolies: A monopoly contains one firm producing the only product of its kind with no close substitute and is virtually impossible to enter.



No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: