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Frequently Asked Questions about Market Structures
What is market structure?
Market structure defines the set of characteristics that help us categorise firms depending on certain features of the market.
How to classify market structures.
Market structures can be classified on the basis of the following:
Number of buyers and sellers
Level of entry and exit
Level of information
Nature of product
Price level
How does a market structure affect the prices?
The number of buyers and sellers which is the basis of market structure influences the price. The higher the number of buyers and sellers, the lower the price. The more monopoly power, the higher the price.
What is the market structure in business?
The market structure in business can be any of the four major types depending on the level of competition, the number of buyers and sellers, the nature of the product, and the level of entry and exit.
What are the four types of market structures?
The four types of market structures are:
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
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