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Economics

Market Structures and Variations in Competition

An Introduction to Market Structures and Variations in Competition

This post will help you to understand the different economic market structures and their key characteristics, along with variations in competition as part of the Prelim Economics course. Market structures refer to the number od size of firms, the nature of the product sold and the ease of entry of new firms into a new industry or market. They can be analysed in terms of:

  • Structure;
  • Conduct; and
  • Overall economic performance.

The videos below go into more detail about each market structure.

 

Perfect (or Pure) Competition

 

Monopolistic Competition

 

Oligopolies

 

Monopolies