Market structures
List and explain the four different market structures.
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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.