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What does Market Structure Mean?
Market structure means how firms are differentiated and categorized based on the type of goods they sell (homogeneous/heterogeneous) and how their functions and operations are affected by external factors and elements. Market structure makes it easier to understand the different characteristics of diverse markets. In this article, we will discuss the four different types of market structures namely perfect competition, monopolistic competition, monopoly, and oligopoly. The four different types of market structure are discussed below:
Types of Market Structure ExamplesThe examples of four different types of market structure are discussed below: Perfect Competition Examples
Monopolistic Competition Examples
Monopoly Competition Examples
Oligopoly Competition Examples
Characteristics of Types of Market StructureThe different characteristics of four types of market structure are as follows: Perfect Competition
Monopoly Competition
Monopolistic Competition
Oligopoly Competition
Comparison of Types of Market Structure
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Which market type has the large number of firms?The correct answer is Perfect competition. In a perfect competition market structure, there are a large number of buyers and sellers. All the sellers of the market are small sellers in competition with each other. There is no one big seller with any significant influence on the market.
What is it called when businesses sell similar products?Direct competitors.
These are businesses offering similar (or identical) products or services in the same market. They also vye for the same customer base.
Does oligopoly sell similar products?In an oligopoly, a few sellers supply a sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow.
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