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Microeconomics Market structure
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Microeconomics Market structure. Competition Supply and demand Monopoly Monopolistic competition Oligopoly. Elements of market structure. A market is comprised of all those who are willing and able to buy or sell a product, including potential entrants
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Microeconomics Market structure
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MicroeconomicsMarket structure Competition Supply and demand Monopoly Monopolistic competition Oligopoly
Elements of market structure • A market is comprised of all those who are willing and able to buy or sell a product, including potential entrants • A market’s structure is often characterized by • Number and size of buyers and sellers • Product differentiation • Costliness of information about product price and quality • Costliness of entry and exit
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