Types of Markets

Products that are the same no matter who produces them

• Homogeneous products
• Grade
• Differentiated products
• Market structure

describes a market where there are many small firms producing homogeneous goods

• Perfect competition
• Monopolistic competition
• Oligopoly
• Monopoly

Products that only differ slightly from their competition and sell at different prices in different markets

• Homogeneous products
• Grade
• Differentiated products
• Perfect competition

occurs in a market where there are a large number of businesses controlling a small portion of the market share

• Monopolistic competition
• Perfect competition
• Oligopoly
• Monopoly

market dominated by a small number of businesses

• Monopolistic competition
• Perfect competition
• Oligopoly
• Monopoly

occurs if there is only one provider for a product

• Monopoly
• Oligopoly
• Acquisition
• Monopolistic competition

____________ market has absolutely no control over the price prevailing in the market

• Oligopoly

• Perfect Competition

• Monopolistic Competition

• Monopoly