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Market structures

Chapter 7. Market structures. Types of Market Structures. Perfect Competition Monopolistic Competition Oligopoly Monopoly. Perfect Competition. Perfect Competition. Many buyers and sellers Easy to enter and exit the market Everyone is well- informed Identical products

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Market structures

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  1. Chapter 7 Market structures

  2. Types of Market Structures • Perfect Competition • Monopolistic Competition • Oligopoly • Monopoly

  3. Perfect Competition

  4. Perfect Competition • Many buyers and sellers • Easy to enter and exit the market • Everyone is well-informed • Identical products • Price set by supplyand demand

  5. Monopolistic Competition

  6. Monopolistic Competition • Easy to enter or exit the market • Limited control over price • Product Differentiation • Nonprice competition • Advertising

  7. Oligopoly

  8. Oligopoly • A few very large sellers • Difficult to enter the market • Differentiated products • Price maker • Use collusions and price-fixing • Some advertising

  9. Monopoly

  10. Monopoly • Only ONE SELLER of a particular product • No close substitutes • Sets its own market prices • Almost impossible to enter the market

  11. Types of Monopolies • Natural Monopoly • Geographic Monopoly • Technological Monopoly • Government Monopoly

  12. Market Failure • Inadequate Competition • Inadequate Information • Resource Immobility • Externalities • Public Goods

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