Market Stuctures

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What's Out There? Resources to support the work of K-12 Classroom Educators in Ontario (OERB, vLe, OSAPAC, Edugains/Edusource) August 2015

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Market Stuctures

Monopoly

Ease of Entry

There is a high barrier to entry, it limits others from entering.

Control over prices

The usually have a good control over prices, because they control the supply and demand. They are price setters not price takers.

There is only one producer in a monoply.

In a monoply their products are very unique because they're one of a kind. No other producer has it.

Monopolistic Competition

Its usually easy to become a part of this market because the start up cost are usually low.

They usually have some control over the prices because its their brand.

Number of Producers

There are many producers in a monopolistic competition.

Similarity in Products

In this type of market there is product differentiation, seeking to distinguish their good and services from other firms.

Oligopoly

Its hard for a new firm to come into a oligopoly due to keeping up with other businesses. One reason is because of the high cost becasue others have large investments already.

Control over Prices

They have some control over prices because of the small number of firms, its usually based on the price decsions of other firms.

There are only a few number of firms in an oligpoly

Similarity of Products

They have similar products with few minor difffereces like shape and size.

Subtopic

Perfect Compition

Ease of Entry

There is an easy entry into the market, becasue they're such few resrtictions to the market.

Control over Prices

No control over prices: Under the condition producers have no market power. Cannot influence prices because there are too many others with the same products. Price takers mict accept, or take the market price for their product.

Number of Producers

Many number of producers and consumers, having a large number of participants in a market help promote competition.

Similarity of Produces

Virtually identiacal. A product that is excalty the same no matter the producer is called a "commodity".

Ex: Grain, cotton, sugar, and crude oil.