Question

In: Economics

Please define characteristics of competitive markets. Please compare and contrast the four types of market structures

Expert Solution

Perfect competition has following characters.

There are many films and seller in the market.

They produce homogeneous products.

There is free entry and exit.

They earns zero economic profit in long run.

They are price takers.

Comparing with four market structure.

There are four market structures.

1. Perfect competition

2 monopoly

3. Monopolistically competitive firm

4.oligopoly

Monopoly - it is single seller.

No entry in the market.

Produce the product which has no close substitute

Can earn positive economic profit in long run.

Monopolistically competitive firm :

There are many firm and sellers.

They produce differentiate products.

There are zero economic profit in long run.

Free entry and exit.

Oligopoly:

There are few firms in the market. More than 2 but few.

Produce differentiate or homogeneous products.

Free entry but hard to enter. (some barriers to entry)

Interdependence of the firms. They can act like monopoly if they make cartel.

Rahul Sunny answered 1 week ago

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