The document describes different market structures: pure competition has many sellers of homogeneous products with easy entry and exit from the industry. Monopolistic competition has many small sellers of differentiated products that set prices. A monopoly has a single seller of a unique product that sets prices above marginal cost. A duopoly has two sellers of either homogeneous or differentiated products. Oligopoly has a few sellers of either homogeneous or differentiated products that resist price changes. Examples are provided for each market structure.
The document describes different market structures: pure competition has many sellers of homogeneous products with easy entry and exit from the industry. Monopolistic competition has many small sellers of differentiated products that set prices. A monopoly has a single seller of a unique product that sets prices above marginal cost. A duopoly has two sellers of either homogeneous or differentiated products. Oligopoly has a few sellers of either homogeneous or differentiated products that resist price changes. Examples are provided for each market structure.
The document describes different market structures: pure competition has many sellers of homogeneous products with easy entry and exit from the industry. Monopolistic competition has many small sellers of differentiated products that set prices. A monopoly has a single seller of a unique product that sets prices above marginal cost. A duopoly has two sellers of either homogeneous or differentiated products. Oligopoly has a few sellers of either homogeneous or differentiated products that resist price changes. Examples are provided for each market structure.
The document describes different market structures: pure competition has many sellers of homogeneous products with easy entry and exit from the industry. Monopolistic competition has many small sellers of differentiated products that set prices. A monopoly has a single seller of a unique product that sets prices above marginal cost. A duopoly has two sellers of either homogeneous or differentiated products. Oligopoly has a few sellers of either homogeneous or differentiated products that resist price changes. Examples are provided for each market structure.
Market Number of Product Imposition of Entry and Examples
Structure Sellers Differences prices Exit in the
Industry Pure Large Homogeneous Price Takers Easy, no Agriculture like Competition number of barriers (wheat, soybean, sellers corn) Online Selling Foreign Exchange Monopolistic Many small Closely related Price setters Relatively Restaurants Competition sellers but easy Hotel differentiated Pubs Retail trade (pharmacies, gas stations, grocery stores) Monopoly One Differentiated Price is set Blocked Local public (No Substitute), above utilities Unique marginal cost (electricity, gas, natural gas, water) Meralco Microsoft Duopoly Two Homogeneous Based on the Difficult Visa and or differentiated quantity of Mastercard product Android and produced Apple
Oligopoly Few Homogeneous Resist to Difficult Steel
or differentiated changes to Automobiles price Farm Implements Smart Phones Video Streaming Airlines Health Insurance Bea Bianca Tuliao Ms. Yasmin Abila BSBM HRDM 1B