Market Structures

• What are the 5 main different type of market structures?

  Perfect Competition,

  Monopoly,

  Oligopoly,

  Monopolistic Competition,

  Monopsony
• Define Homogenous products?

  Identical products
• Define Differentiation


  The process of distinguishing a product or service from similar offerings in the market
• Define Barriers to entry

  factors that can prevent or impede newcomers to a market or industry sector
• What is contestability?


  refers to the ease with which new firms can enter and leave a market.