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Market Structure Worksheet
Describe the characteristics clearly and completely for each of the market structures.
Characteristic
Market type
Concentration
Product differentiation
Barriers to entry
Perfect competition
Low concentration, many buyers and sellers such that no single one has an effect on the market price. 4-firm ratio probably less than 30%, but could be greater.
Monopolistic competition
Oligopoly
Monopoly
Outcome ►
Market power?
From what?
Allocative efficient?
Why/why not?
Product differentiation?
Can firm earn Economic profits?
Market type ▼
Test:
Test: ________
Test: __________
Why/why not?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Market Structure
Describe Typical Market Strategies in this Market Structure
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
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