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Compare and contrast 2 types of market structure using the economic models you have been introduced to in term 1 on which to base your discussion

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  • Essay length: 1770 words
  • Submitted: 14/03/2009
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University Degree Microeconomics

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CB559 Business Economics

1. Compare and contrast 2 types of market structure using the economic models you have been introduced to in term 1 on which to base your discussion.

I will first define market structure (in economic terms) as the characteristics of a market that influences the behaviour and performance of firms that sell in the market. There are four main market structures, Perfect competition, Monopolistic competition, Oligopoly and Monopoly.

For this essay I have chosen to compare and contrast Perfect competition with Monopoly. I have chosen to examine these in particular as I feel in a company's life cycle it has the possibility of becoming both.

I will now define Perfect competition as a market structure in which all firms in an industry are price takers and in which there is freedom of entry and exit. (Sloman 2004) And Monopoly as a market structure that contains only one firm. (Sloman 2004)

Firstly I will begin by examining characteristics of the two market structures. Perfect competition is the most competitive market structure and is considered to be an ideal form of providing goods and services to consumers at maximum efficiency

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