1. Unit 3
Market structures

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

3. Perfect Competition

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

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6. Monopolistic Competition

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

8. Oligopoly

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

10. Monopoly

11. Monopoly particular product No close substitutes prices
enter the market

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

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

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

15. Technological Monopoly
Occurs due to patents or copyrights 15

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