MARKET STRUCTURES

MARKET STRUCTURES

Choose a market for a product in which you work, or in which you are interested.

1. Which of the 4 classes of “Market Structure” comes closest to describing the current state of the market.
2. Do you think that 10 years from now that market structure will be the same, or do you think it will change to become more competitive or less competitive? Explain.

4 Market Structures: Pure Competition, Pure Monopoly, Monopolistic Competition, and Oligopoly,

Answer Preview

In choosing a market structure for kitchen equipment including electric kettles, fridges and electric cookers, l would choose a perfect competition market structure for my products. This is because a perfect competition allows free entry into the market…