Market Structure
What is MARKET? What is MARKET STRUCTURE ? A market is a medium where sellers meet buyers to exchange goods and services. Market Structure are the conditions under which sellers and buyers interact in the market.
MARKET STRUCTURE Perfect Competition Imperfect Competition Monopoly Oligopoly Monopolistic Competition
PERFECT COMPETITION Many buyers & sellers Buyers Sellers
PERFECT COMPETITION Products are homogeneous
Free entry to & exist from the market PERFECT COMPETITION
Perfect Information PERFECT COMPETITION Worth $5
Example PERFECT COMPETITION
MONOPOLY Only 1 seller We are all buyers
Products are homogeneous or heterogeneous MONOPOLY Vs
No entry to the market MONOPOLY
Imperfect information MONOPOLY $5 ?! $3 ?! $1 ?!
Example MONOPOLY
Oligopoly Only a few sellers 成功人士之篇
Products are homogeneous or heterogeneous Oligopoly Vs
Entry are restricted Oligopoly
Imperfect information Oligopoly ???????????????? ……
Example Oligopoly Towngas
MONOPOLISTIC COMPETITION Many buyers & sellers Buyers Sellers
Products are heterogeneous MONOPOLISTIC COMPETITION Vs
Free entry to & exist from the market MONOPOLISTIC COMPETITION
MONOPOLISTIC COMPETITION Nearly perfect information $ $$ $ $ $ $ $ $$ We know everything…… $$ $ ? ? ? ? ? ?
MONOPOLISTIC COMPETITION Example TAXI Haircut
Perfect Competition Monopoly Oligopoly Monopolistic Competition
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