Econ: Types of Markets

Front

Everyone is selling the exact same product...

Back

Perfect Competition

Front

There are a lot of sellers (over 100) and plenty of buyers

Back

Perfect Competition

Front

No single seller has enough power to influence the market

Back

Perfect Competition

Front

This market is easy for sellers to enter and easy to exit

Back

Perfect Competition

Front

There is no advertising for these types of products.

Back

Perfect Competition

Front

Examples of this type are: farm products, salt, snow shoveling services in a big city with lots of snow

Back

Perfect Competition

Front

In this market, everyone sells a product that is slightly different than everyone else.

Back

Monopolistic Competition

Front

There are many sellers in this type of market, but they do have some price setting power.

Back

Monopolistic Competition

Front

This market might feature some advertising when a new feature is added to a product

Back

Monopolistic Competition

Front

While not as easy as perfect competition, it is fairly easy for sellers to enter and exit this market.

Back

Monopolistic Competition