Market Structures

negative externality-A cost that falls on someone other than the producer or consumer

positive externality-a benefit that falls on somone other than the producer or consumer

Subtopic

High barriers to entry, this limits entry and makes it very difficult.

Substantial control over prices, they won't be undercut by competitors.

One producer that controls the industry of market.

Tyically a unique product, no similar or substitute goods or services.

Easy entry into the market, few restrictions.

No control over price, there are too many other producers or services that gives no room for a price change.

Many producers and consumers, creates competition.

Identical products, consumers cannot distinguish between different producers.

Some control over prices, because of few firms.

Difficult due to high start up costs.

Few producers, in an oligopoly a small number of firms control the market.

Similar products with minor variations.

Few barriers to entry, low start-up costs, creates many firms in the market.

Some control over prices,based on differences in products.

Many producers, competition to be a monopoly.

Differentiated products, producers seek to distinguish their goods and services from other firms.