Various Market Structures

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monopoly

there is a single merchant of a product for which there is no close alternative

monopolistic competition

in which differentiated product has many vendors

perfect competition

similar product has many sellers

oligopoly

there are few sellers of a standardized or a differentiated product

monopoly

they have power or the authority to manipulate their products, such as minimizing their outputs to put higher proces in it and to gain more profit.

monopoly

consumers have a lesser benefit, making them buy it despite being expensive

monopoly

not all products are exactly the same

monopoly

chooses price

monopoly

hard for new firms to enter the market

monopoly

there may or may not be a lot of promotion of the goods

monopolistic competition

there is almost a large number of sellers selling goods that are similar but not the same

monopolistics competition

products are not all the same. there are different commercials and billboards for them

monopolistic competition

there is limited control of price. sellers can decrease or increase prices a little

monopolistic competition

new firms do not have a hard time entering the market. they need capital. need to promote their products so will people will buy their goods.

monopolistic competition

there is more non-price competition. provide better services and better places to sell

monopolistic competition

when there is a numerous quantity of small firms competing against each other

monopolistic competition

several companies sell the same product but they have their differences

monopolistic competition

they can charge higher prices within a certain range.

monopolistic competition

these key factors can include style, brand name, location, packaging, advertisement, and pricing strategies, which became every firm's basis in marketing

monopolistic competition

every firm is a price setter and can maximize their profit

monopolistic competition

they sell similar yet slightly different products

monopolistic competition

the consumers can favor a product more than the other one

monopolistic competition

there are easy entrances and exit in this market

perfect competition

where many products are similar and may substitute to each other since they have the same features, price and quality.

perfect competition

there are many sellers and consumers in this type of market with almost the same products

perfect competition

requires few barriers to enter and it is easy for producers to quit whenever they want

perfect competition

they have uniform prices that depend on the demand and supply which means that the market has full control over implying prices

perfect competition

each seller is trying to compete to get more profit than the others

perfect competition

products are all the same

perfect competition

no one seller or one buyer can cause a change in the price of a good

perfect competition

the rise and fall of market price depends on total demand or total supply not on a single seller

perfect competition

easy for new firms to enter and leave the market

perfect competition

there is no competition that does not include prices. but there is no need for this because the goods sold are all the same

oligopoly

describes a market that is dominated by only a small number of firms

oligopoly

resulted to limited competition

oligopoly

they can compete each other or collaborate

oligopoly

they can use their collective market power to drive up prices and earn more profit

oligopoly

only some firms are powerful in the market

oligopoly

products are either the same or different

oligopoly

It is hard for new firms to enter the market. It is hard to beat the firms that have been in the market longer. Because these firms know better.

oligopoly

typically consists of about 3-5 dominant firms

oligopoly

where firms dominate the market by supplying either similar or differentiated products

oligopoly

There are only a few companies in this structure and they have control over price implying

oligopoly

It is also difficult to enter this market Since there are a lot of barriers.

oligopoly

aer price setters rather than takers

market

is one of the numerous infrastructures, systems, institution, social relations, and procedures, where in buyers and sellers usually interact with each other to exchange goods and services.

market structures

are the key points and evaluating business economic environments

market structures

it deals with strategic decision making and focuses on both economics and marketing, making professional entrepreneurs precisely judge industry, policy changes and market news

market structure

refers to the competitive environment in which buyers and sellers operate

competition

is the rivalry among various sellers in the market

market

is a situation of diffused, impersonal competition among sellers who compete to sell their goods and among buyers who use their purchasing power to acquire the available goods in the market.