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There are four major market structures – perfect competition, monopolistic competition, oligopoly and monopoly. Market Structures categorize companies based on different characteristics like the number of sellers in the overall market, the kind of product, market share, barriers to entry, pricing power, efficiency and profits. For each of these specific criteria is used to describe the circumstances and the environment in which they operate.
In economics, market structure is the number of firms producing identical products which are homogeneous.
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Market structure is defined by economists as the characteristics of the market. It can be organizational characteristics or competitive characteristics or any other features that can best describe a goods and services market. The major characteristics that economist have focused on in describing the market structures are the nature of competition and the mode of pricing in that market. Market structures can also be described as the number of firms in the market that produce identical goods and services. The market structure has great influence on the behavior of individuals firms in the market. The market structure will affect how firm price their product in the industry .For example in a competitive market the firms are price takers while the industry has the sole duty of price setting. The market structure will affect the supply of different commodity in the market. When the competition is high there is a high supply of commodity as different companies tries to dominate the markets. A market structure will affect the barrier to entry for the companies that intend to join that market. A monopoly markets structure has the biggest level of barriers to entry while the perfectly competitive market has zero percent level of barriers to entry. The other factors that influence the firm behavior under a market structure are the efficiency. Firm will be more efficient in a competitive market while firms will be least efficient in a monopoly structure. The level of competition in firms will be influenced by the market structure. A competitive market structure and a monopoly will have different levels of competition.
In economics, market structure (also known as market form) describes the state of a market with respect to the degree or intensity of competition among buyers on one side and among sellers/ producers on the other side. Market micro-structure is also distingiushed by the process of price discovery, the differentiation / homogeiety of products,the process of bidding, the trade/ exchange settlement mechanism, the symmmetry or assymetry of the dispersal of market relevant information among the individual parties to each transaction of trade/ exchange. This is the subject of market morphology. Based on the various chracteristic status/ values, different types of markets are given different names like perfect competition, monopoly. oligopoly, duopoly, monopolitic competition, oligopolistic competition., monopsony, oligopsony etc.
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The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market
Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices.
Market structure is best defined as the organisational and other characteristics of a market. We focus on those characteristics which affect the nature of competition and pricing – but it is important not to place too much emphasis simply on the market share of the existing firms in an industry.
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The collection of factors that determine how buyers and sellers interact in a market, how prices change, and how different levels of the production and selling processes interact. The four basic types of market structure include oligopolies, monopolies, perfect competition, and monopsony (where only one buyer is present in the market).
