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Market Structures

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Adam Buzek

on 18 October 2013

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Transcript of Market Structures

Market Structures
By Adam Buzek and Antonio Guerrero
A monopoly is a market structure in which there is only one producer/seller. Entry is pretty much impossible because of high costs or other impediments. In a monopoly the owner has complete control in price and swag. An example of a monopoly in the Philippines is Meralco, the only electricity supplier in the country. Saudi Arabian Airlines is also a monopoly.
In an oligopoly, there are only a few firms that make up the industry. The firms control the price. An oligopoly has a high barrier for ease of entry. The products are often identical. Caltex is in a petroleum oligopoly. In Australia, grocery retailing is dominated by Cole's Group and Woolsworth.
In a perfect competition, there are many buyers and sellers. Products are very similar, so there are many substitutes. No one individual has control over the price. There are little or no barriers to ease of entry, so new companies can enter the market easily. There are no real life examples, but stock exchanges and the different types of apples in supermarkets are the closest things.
Perfect Competition
Monopolistic competition is a market structure in which several or many sellers produce similar but different products. Each producer controls his or own price and it doesn't really affect the market much. One example of a monopolistic competition is Nestle and another example is Rebisco, in the Philippines. Entry into this market structure is not very difficult/
Monopolistic Competition
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