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InterviewSolution
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Write any 2 features of market model? |
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Answer» competition is a market structure where there are MANY firms PRODUCING identical product, all firms are price takers and have freedom of entry into the industry.Monopoly is a market structure where there is only one firm in the industry producing a unique product and has ability to set price. There is RESTRICTED entry into this industry.Monopolistic competition is a market structure where there are many firms producing differentiated products with relatively easy entry into the industry. All firms also have some control over price.Oligopoly is a market structure where there are a few large firms and can create entry BARRIERS to potential new firms. Firms produce differentiated products and can choose to collude to control price. |
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