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types market structure and characteristics (perfect competition (no…
types market structure and characteristics
perfect competition
no control over price
free entry or exit
standardized type of product
non price competition
very large number of firms
e.g agriculture
monopolistic competition
some control over price, but within rather narrow limits
entry is relatively easy
different type of product
considerable emphasis on advertising, brands, trademarks
many number of firms
e.e retail trade, dresses, shoes etc
monopoly
entry is blocked
public relation advertising
control over price is considerable
unique type of product
e.g local utilities
single firm control over market
oligopoly
control over price is limited
significant obstacles(conditions of entry
standardized or different type of product
typically a great deal, particularly with product differentiation
few number of firms
e.g steel, automobiles, household appliance