Market Structures Flashcards

The organisational and other characteristics of a market, including the number of firms, product differentiation, and ease of entry.

A market structure with many firms, identical products, no barriers to entry, and perfect information.

A market structure where a single firm dominates the market, often with high barriers to entry.

A market structure characterised by a few large firms, interdependence, and potential for collusion.

Factors that make it difficult for new firms to enter a market, such as high start-up costs or legal restrictions.