Market structures.

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Market structures.

Market failures

Externalities

Imperfect competition

Perfect Competition

The producers are not able to set their own prices due to the amount of competing companies

It is very easy to get into this market, no one producer can or will dominate this market

Identical products (Also called commodities)

There are many producers and consumers in perfect competiton

Monopoly

Because there is generally only one company they can set whatever type of price they want to

It is a very difficult market to just enter into

It is also common that in a Monopoly market the product being sold is usually a very unique one

Generally in monopolies there is only one producer of the good

Monopolistic Competition

They can control their pricing, however because there are many other companies who produce similar substitute products, they cannot fully control their pricing the way they would like to

This market is not one of the more difficult ones to get into

The producers try to mke their products different from the other companies, although some are very similar

There are many producers in this market they offer almost the same product but varried

Oligopoly

Due to there only being a few producers in this market they hcan slightly control their prices

Because of the high start-up costs it is not easy to get into this market

The products sold in this market are similar, not exact replicas of each other

There is more than one producer in this market system, but not tons of them