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Market Structure Audio
Market Structure Chart
PERFECT
MONOPOLISTIC
COMPETITION
COMPETITION
OLIGOPOLY
NUMBER
Very large number
Large number of
Small number
AND SIZE OF
of relatively small
relatively small firms
of relatively
FIRMS
firms
Homogenous
TYPE OF
Differentiated product
Some control over
Either
homogeneous
or
differentiated
product
Control over
prices
prices
product
Price taker
OVER PRICE
One firm
large firms
PRODUCT
CONTROL
MONOPOLY
Unique
Product
Price Maker
TYPE OF
Perfectly elastic
Elastic
Less elastic
Market
DEMAND
demand
(but not perfect)
demand
Demand
CURVE
BARRIERS
demand
No barriers
Little to no barriers
Curve
Large barriers
Very large
TO ENTRY
barriers or
AND EXIT
impossible
MARKET
None
Low to moderate
Low to high
High
None
None
Low to high
High, but
POWER
LONG-RUN
ECONOMIC
subject to
PROFIT
regulation
This resource was created by Tallahassee Community College Learning Commons