There are four types of market structures: perfect completion, monopolistic competition,
oligopoly, and monopoly. Each city is made up of a variety of each of these structures. In order to better understand how the city’s economy works, it is important to have a working knowledge of each of these market structures. Each structure has differing characteristics which will be analyzed in detail along with a look at how price elasticity, barriers to entry, the role of government, and international trade are affected in each structure. As the mayor of Example City, the more you know about each market structure, the better you can understand how your city runs and make better economical choices for it.
A Detailed Look at Each Market Structure
In
this section we will look at each of the four market structures and discuss the
differing
