Market Structures

Number of producers:
There are few producers. In general, an industry is considered an oligopoly if the four top producers together supply more than about 60 percent of total output.

Similarities of products:
They are essentially the same product with only minor variations. They all have close substitutes.

Ease of entry:
There are high barriers to get past. And it is difficult to compete with existing businesses.

Control over prices:
There is some control over prices. Since there are few firms, they may be able to exert some control over prices. Firms are often influenced by the price decisions of other firms in the market.

Number of producers:
There is one producer. No competition in this market. A monopolistic firm could be considered the industry.

Similarities of products:
Provides a unique product. No good substitutes and no other producers provide similar goods or services.

Ease of entry:
It's not a very easy market to enter. There are high barriers that limit or prevent other producers from entereing this market.

Control over prices:
They usually have great market power because they control the supply of a good or service. They can set a price for a product without fear of being undercut by competitors.

Number of producers:
There are many producers or sellers.

Similarities of products:
Firms engage in product differentiation, meaning that they seek to distinguish their goods and services from those of other firms, even when those products are fairly close substitutes for ones another.

Ease of entry:
There are few barriers to enter this market. Start-up costs are relatively low.

Control over prices:
Since producers control their brands, they have some control over prices. However, because of close substitutes avaliable, this market power is limited.

Number of producers:
There are many producers and consumers. There's a large number of participants in this market.

Similarities of products:
The products are identicle. It is a commodity.

Ease of entry:
There is easy entry into the market.
Producers face few restrictions in entereing this market.

Control over prices:
There's no control over prices. Producers have no market power. Cannot influence prices because there are too many other producers offering the same product. The market forces of supply and demand determine the price of goods in this market.