krisha report Flashcards
(19 cards)
Types of Market Structures
- Perfect Competition
- Monopolistic Competition
- Monopoly
- Oligopoly
- Monopsony
Where to or more parties transact
Market
4 Types of Market (when referring to market)
Physical Market
Online Market
International Market
Group of people for whom products are intended to be sold.
Includes public market, department stores, and restaurants
Physical Market
Includes Instagram, Facebook, and other Websites.
Online Market
Deals with imports and exports
International Market
Large number of small firms
Perfect competition
Customers have freedom to choose
Perfect competition
Example of Perfect Competition
Agricultural and Street Foods
Also known as Pure Competition
Perfect Competition
Best example of this is the palay
Perfect Competition
Products are differentiated through quality, price, and product presentation
Monopolistic Competition
Involves canvassing of customers to choose this brand
Monopolistic Competition
Examples of Monopolistic Competition
Clothing
Bathsoaps
There is only one company and they have power over price and quality
Monopoly
Usually involved in utilities and they can change their prices easily
Monopoly
You can count on one hand the number of sellers
Oligopoly
Usually involved in cartel
Oligopoly
Examples of oligopoly
Oil companies
malls
pc manufacturers
