13. Describe the 4 market structures with regards to number of sellers, barriers to entry, price control, and product differentiation. Market Structures 1.Perfect Competition Number of Sellers Barriers to Entry 2.Monopolistic Competition 3. Oligopoly In a monopolistic competition structure, a number of sellers sell similar products but not identical products. 4.Monopoly Price Control Product Differentiation
13. Describe the 4 market structures with regards to number of sellers, barriers to entry, price control, and product differentiation. Market Structures 1.Perfect Competition Number of Sellers Barriers to Entry 2.Monopolistic Competition 3. Oligopoly In a monopolistic competition structure, a number of sellers sell similar products but not identical products. 4.Monopoly Price Control Product Differentiation
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:13. Describe the 4 market structures with regards to number of sellers, barriers to entry, price control,
and product differentiation.
Market Structures
1.Perfect Competition
Number of
Sellers
Barriers to
Entry
2.Monopolistic
Competition
3. Oligopoly
In a monopolistic
competition
structure, a
number of sellers
sell similar
products but not
identical
products.
4.Monopoly
Price Control
Product
Differentiation
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