Oligopoly: An industry structure in which there are a few firms producing products that range from slightly differentiated to highly differentiated.There are relatively insignificant barriers to entry or exit, and success invites new competitors into the industry. There are close substitutes for the product of any given firm, so competitors have slight control over price. Monopolistic competition: A market structure in which there is a large number of firms, each having a small portion of the market share and slightly differentiated products.Barriers to entry and exit exist, and, in order to ensure profits, a monopoly will attempt to maintain them. Monopoly: An industry structure where a single firm produces a product for which there are no close substitutes.The major types of market structure include the following: Market structure is determined by the number and size distribution of firms in a market, entry conditions, and the extent of product differentiation. Describe degrees of competition in different market structures.
0 kommentar(er)
