Short Note on Market Structure
🏦 Market Structure Overview:
- 🌐 Perfect Competition:
- Many buyers and sellers.
- No control over prices.
- Homogeneous products (identical goods).
- Free entry and exit for firms.
- 🛑 Monopoly:
- Single seller dominates the market.
- No close substitutes for the product.
- High barriers to entry for new firms.
- Complete control over prices.
- 🏬 Monopolistic Competition:
- Many sellers with differentiated products (slight variations).
- Some control over prices.
- Free entry and exit in the long run.
- Non-price competition (advertising, branding).
- 🏙️ Oligopoly:
- Few large firms dominate the market.
- Products may be homogeneous or differentiated.
- Significant barriers to entry.
- Firms are interdependent; actions of one affect others.
Understanding these market structures will help you analyze how businesses operate in different environments!
🏦 Market Structure Overview:
- 🌐 Perfect Competition:
- Many buyers and sellers.
- No control over prices.
- Homogeneous products (identical goods).
- Free entry and exit for firms.
- 🛑 Monopoly:
- Single seller dominates the market.
- No close substitutes for the product.
- High barriers to entry for new firms.
- Complete control over prices.
- 🏬 Monopolistic Competition:
- Many sellers with differentiated products (slight variations).
- Some control over prices.
- Free entry and exit in the long run.
- Non-price competition (advertising, branding).
- 🏙️ Oligopoly:
- Few large firms dominate the market.
- Products may be homogeneous or differentiated.
- Significant barriers to entry.
- Firms are interdependent; actions of one affect others.
Understanding these market structures will help you analyze how businesses operate in different environments!
