2. DEFINITION:
The manner in which a market is organized,
based largely on the number of firms in the industry.
3. BASIC MARKET MODELS
Perfect / pure type
Perfect or pure competition
Pure monopoly
Imperfect / non-pure type
Monopolistic competitions
Oligopoly
4. MARKET MODELS
Pure competition
- Where independent sellers offering identical products.
5. PURE MONOPOLY
Only one seller or producer supplying unique goods
and services.
6. MONOPOLISTIC COMPETITION
Large number of small producers or suppliers
selling similar but not identical products.
7. OLIGOPOLY
Where there are few firms offering standardized or
differentiated goods and services.
