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Assignment topic: Perfect competition, monopolistic competition, oligopoly and monopoly.

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Market Structures

This paper seeks to give the meaning, features and functionalities of different market structures. Perfect competition is also called pure competition. It describes a market whereby there are no participants who are sufficient to attain the power of setting prices of a product with homogeneity. Since this type of structure has strict conditions, there are only a few competitive markets that are perfect. This market is a rare occurrence but seeks to contrast other market structures when it occurs. Monopolistic competition is a type of market structure which shows an imperfect competition with many producers selling differentiated types of products. They do this differentiation through branding or quality therefore making the products not to be perfect substitutes. A particular firm will take the prices charged by its competitors while ignoring the impact of its prices on other companies’ prices (Al-Kaabi, Demirbag, & Tatoglu, 2010). This type of market structure maintains a spare capacity. The major examples of industries using monopolistic competition include restaurants, cereal firms, clothing industries, shoes industries and service industries located in cities. Monopoly markets occur when an enterprise is the single supplier of a particular commodity. This structure faces no economic competition to produce goods and services, lack substitute products, and services and charges a high monopoly price (Bacchie…

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