Types of Market Structures
Economics Unit 2
Monopoly
A Monopoly is a market is when one controls the whole industry.
Oligopoly
Oligopoly is when small firms come together and control one industry. There's limited competition between other firms.
Perfect Competition
Perfect Competition is when many firms sell the same product. The price is not controlled by them, but only what they sell to the costumers.
Monopolistic Competition
Monopolistic Competition is when many industries sell the similar things, but not the same products. This market isn't like monopoly who has complete power, but some power.
Market Structure !