There are four main types of market structures: perfect competition, monopoly, oligopoly, and monopsony. Perfect competition is characterized by many small firms and buyers, no single firm influencing prices, and undifferentiated products. A monopoly has only one seller. Oligopolies have few sellers influencing each other's pricing. Monopsony has one buyer facing many sellers. The number and size of buyers and sellers, availability of information, and product differentiation determine a market's structure.

1. MARKET STRUCTURE Prepared by: Arnel O. Rivera MAT-SS

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15. SUMMARY Market Structure Seller Entry Barriers Seller Number Buyer Entry Barriers Buyer Number Perfect Competition No Many No Many Monopolistic competition No Many No Many Oligopoly Yes Few No Many Monopoly Yes One No Many Monopsony No Many Yes One

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