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    Market structures

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    List and explain the four different market structures.

    © BrainMass Inc. brainmass.com October 9, 2019, 3:25 pm ad1c9bdddf
    https://brainmass.com/economics/electrical-utilities/differences-four-market-structures-4144

    Solution Preview

    Economists group many industries into four distinctive structures:

    1. Pure competition
    2. Pure monopoly
    3. Monopolistic competition
    4. Oligopoly

    Pure Competition:

    Pure competition involves a very large number of firms producing a standardized product (one identical to that of other producers, such as corn, cucumbers, etc.). New firms can enter the ...

    Solution Summary

    The solution does a great job of explaining the concept of market structure. All four types of market structure are explained in brief - perfect competition, monopoly, monopolisitc competition and oligopoly. The solution is very easy to understand and provides a good summary of the topic. Overall, an excellent response for students looking a brief and concise answer.

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