Monopoly

A monopoly is a market structure in which there is

only one producer/seller. Entry is pretty much
impossible because of high costs or other
impediments. In a monopoly the owner has complete
control in price and swag. An example of a monopoly
in the Philippines is Meralco, the only electricity
supplier in the country. Saudi Arabian Airlines is also
a monopoly.

Oligopoly
In an oligopoly, there are only a few firms that make
up the industry. The firms control the price. An
oligopoly has a high barrier for ease of entry. The
products are often identical. Caltex is in a petroleum
oligopoly. In Australia, grocery retailing is dominated
by Cole's Group and Woolsworth.

Perfect Competition
In a perfect competition, there are many buyers and
sellers. Products are very similar, so there are many
substitutes. No one individual has control over the price.
There are little or no barriers to ease of entry, so new
companies can enter the market easily. There are no
real life examples, but stock exchanges and the
different types of apples in supermarkets are the closest
things.
Monopolistic Competition
Monopolistic competition is a market structure in which
several or many sellers produce similar but different
products. Each producer controls his or own price and it
doesn't really affect the market much. One example of a
monopolistic competition is Nestle and another example is
Rebisco, in the Philippines. Entry into this market structure is
not very difficult/

Market Structures
By Adam Buzek and Antonio Guerrero

Market Structure: The Analysis of Markets and Competition

Ben Knight

John McGee

Book Editor(s):

Professor Sir Cary L Cooper

First published: 22 January 2015

https://xplaind.com/578696/market-structure