4 types of
Market Structure

Most competitive market
Many firms produce the same product
Relatively rare
Easy entry and access to information
No control over prices
Are price takers, not price setters
Beneficial and highly efficient
Start up costs create barriers

Market/ industry with single producer of a product that has no close substitutes
Substantial control over prices- great market power, are price setters rather than price takers.
Relatively rare in today's society as they often form and then break down
3 Legal types; Resource, Government-created, and Natural Monopolies.

Market/ industry dominated by just few firms that produce similar/ identical products
Gives bigger producers advantage over smaller ones
High barriers to entry
Some control over prices
Price leadership; dominant firm sets price, others follow suit
Collusion:producers get together and make agreements on production levels and price
Cartels formed

Large number of producers but varied goods
Few barriers to entry
Some control over prices
Increases market share through non-price competition to attract buyers, usually set themselves apart from competition to get noticed
Rely on service, location, status and image