Notes

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Types of market according to the competition

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Market structure

Oligarchy

similarity of products

Similar products

Number of producers

Few producers

Control over prices

Moderate control over prices

Very difficult to enter

Monopolistic Competition

Similarity of products

Differentiated products, created to seperate themselves from competition

Number Of producers

Many Producers

Some control over prices.

Easy to enter

Perfect Competition

Practically identical products

Many producers

No control over price.

Ease Of Entry

Few Restrictions, ensures existing producers face competition from new firms.

Monopoly

Similarity of Products

Unique product

Number of Producers

One Producer

Control Over Price

Subatantial control over prices

Ease of Entry

High barriers, extremely hard to enter