How has the development of the Internet has changed the market structure in which companies operate in terms of perfect competition, monopolistic competition, oligopoly, and monopoly?
Internet has significantly changed the market structure in which different companies operate. Let us take the different market structures one by one.
Perfect competition: Internet moves the economy closer to perfect competition. the coming of internet has redefined the physical boundaries of trade. Today, one can shop by sitting at home and can look at options from sellers all over the globe before buying something. Internet significantly cuts down costs and increases immense competition. The internet provides us enormous knowledge about any product or service we wish to buy. An individual can quickly compare price, availability and quality of a single product by clicking few buttons. Sellers who are ...
Internet has significantly changed the market structure in which different companies operate.