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Market Structures

Market Structures. Monopoly. Single seller of a product dominates market “price makers”/”price setters” Barriers to entry high Most newspapers, Most cable TV. Oligopoly. More than one seller of a product Market dominated by a few firms Firms mutually dependent

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Market Structures

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  1. Market Structures

  2. Monopoly • Single seller of a product dominates market • “price makers”/”price setters” • Barriers to entry high • Most newspapers, Most cable TV

  3. Oligopoly • More than one seller of a product • Market dominated by a few firms • Firms mutually dependent • TV networks, recording industry, movie studios, radio

  4. Monopolistic Competition • Many companies offer similar products • Firms try to differentiate products • Price set by market and firms • Barriers to entry lower • Magazines

  5. Perfect Competition • Many sellers offer same product • No firm dominates market • No barriers to entry • “price takers”

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