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MARKET STRUCTURE AND PRICES
(1) PERFECT COMPETITION
• a very large number of businesses
• nearly identical products
• many well-informed buyers
• difficult to raise prices
• consumers have more control over the market
• businesses can leave or enter the market easily
(e
...
agricultural markets)
(2) MONOPOLISTIC COMPETITION
• a large number of independent businesses
• goods and services that are somewhat different
• each business has a small share of the market
• prices are determined competitively
• differentiating products is important
• business can easily enter or leave the market
(e
...
mall)
(3)OLIGOPOLY
• small number of businesses that gain the majority of total sales revenues
• the goods are similar and are close substitutes
• businesses can influence prices
• it is hard to enter the market
(e
...
airlines)
(4) MONOPOLY
• where there is only one provider of a good service
• Because of a lack of competition, companies can charge whatever prices they like
• Barriers that make it difficult for new businesses to enter a market is a primary reason that
monopolies exist
...
g