What is the market structure and conditions?

LAST READ: FEB 20 2024 | Q. BY: SUPRIYA SK

V

Vikas Panchal

Market Structure - The concept of market structure is central to economic analysis. In decision-making analysis, market structure has an important role through its impact on the decision-making environment.

The market structure describes the state of a market with respect to competition.

  • Perfect competition - In which the market consists of a very large number of firms producing a homogeneous product.
  • Monopolistic competition - Where there are a large number of independent firms which have a very small proportion of the market share.
  • Oligopoly - A market is dominated by a small number of firms which own more than 40% of the share.
  • Oligopsony - A market dominated by many sellers and a few buyers.
  • Monopoly - Where there is only one provider of a product or service.
  • Monopsony - Where there is only one buyer in a market.

Market Conditions -  A market into which a firm is entering or into which is a new product will be introduced, such as a number of the competitors, level or intensity of competitiveness, and the market's growth rate.

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