Unit 3- Microeconomics Market Structures.

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Presentation transcript:

Unit 3- Microeconomics Market Structures

Types of Market Structures Perfect Competition Monopolistic Competition Oligopoly Monopoly

Perfect Competition

Perfect Competition Many sellers Easy to enter and exit the market informed Identical products and demand

Monopolistic Competition

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

Oligopoly

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

Monopoly

Monopoly Only ONE SELLER of a particular product No close substitutes Sets its own market prices enter the market

Types of Monopolies Natural Monopoly Geographic Monopoly Technological Monopoly Government Monopoly 12

Natural Monopoly Occurs when it would be too costly, difficult, etc. to have another business offering G&S in that area 13

Geographic Monopoly Occurs when it's the only business selling that G&S in town 14

Technological Monopoly Occurs due to patents or copyrights 15

Government Monopoly Occurs when the government is the sole provider of the G&S 16