What is market structure?
Q: What is market structure?
A: Market structure (also known as market form) is the state of a market with respect to competition. It describes how many buyers and sellers exist in the market, what type of goods and services are being traded, and how much information can flow freely.
Q: What does homogeneous product mean?
A: Homogeneous product means that all producers sell the same product. For example, all kinds of sugars or soaps look the same regardless of who produces them.
Q: What are some major market forms?
A: The major market forms are perfect competition, monopolistic competition, oligopoly, oligopsony, monopoly, natural monopoly, and monopsony.
Q: How do you distinguish between different market structures?
A: You can distinguish between different market structures by looking at the number and size of producers and consumers in the market, what type of goods and services are being traded, and how much information can flow freely.
Q: What is imperfectly competitive structure?
A: Imperfectly competitive structure is quite identical to realistic markets where some monopolistic competitors, monopolists, oligopolists, and duopolists exist and dominate the conditions.
Q: What is the correct sequence from most to least competitive?
A: The correct sequence from most to least competitive is perfect competition, imperfect competition ,oligopoly ,and pure monopoly.
