Question

Write short notes on different types of market structure.​

Answer 1

Answer -

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• There are four basic types of market structures: perfect competition, imperfect competition, oligopoly, and monopoly. ... Meanwhile, monopolistic competition refers to a market structure, where a large number of small firms compete against each other with differentiated products.

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Answer 2

The different types of market structure:

There are four main types of market structures. They are:  

1. Oligopoly  

2. Monopoly  

3. Perfect competition

4. Imperfect competition

• One dissimilar feature of oligopoly is ‘non-price competition’ where every seller and buyer assumes that their activities cannot change the market cost and every buyer and seller can buy/sell as much as they need at the given market price.
• The two properties of monopoly are Restriction to Entry and Price Discrimination.
• Under perfect competition, all the suppliers and buyers have the ideal knowledge of the market condition which means that they are fully informed about the market price.

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