This document discusses different market structures including pure competition, monopolistic competition, monopoly, and oligopoly. Oligopoly is defined as a market dominated by a few large firms where there is competition amongst the few firms. Firms in an oligopoly have some control over price, products may be differentiated, and entry of new competitors into the market is difficult.

2. Those characteristics of the market that
significantly affect the behaviour &
interaction of buyers and sellers.

3. Pure (perfect)
competition
Monopolistic
competition
Monopoly Oligopoly

4. Oligopoly :
 Derived from the Greek word, “oligo’(few) “polo”(to
sell).
 Market dominated by a few large firms, i.e;
Competition amongst the few.
• Yes• Same-
Different
• Competitors• Difficuilt
Ease of
entry
Competitore
Control over
price
Products