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We can differentiate among four different market structures. One is called perfect competition; the other three are kinds of imperfect competition.

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We can differentiate among four different market structures. One is called perfect competition; the other three are kinds of imperfect competition.

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Large numbers of well-informed independent buyers and sellers who freely exchange identical products.

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Monopolistic Competition
Has all characteristics of perfect competition except product differentiation

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Oligopoly
A few very large sellers dominate the industry

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Monopoly
Only one seller for a particular product

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When one of the conditions necessary for competitive markets does not exist, market failures can occur. Markets usually fail because of five factors.

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When one of the conditions necessary for competitive markets does not exist, market failures can occur. Markets usually fail because of five factors.

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Top 10 Marketing Fails: Coke, Ford, Netflix

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-Inadequate information
-Resource immobility
-Externalities
-Need for public goods
-Inadequate competition

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In order to carry out its legal and social obligations, the government can encourage competition and regulate monopolies.

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In order to carry out its legal and social obligations, the government can encourage competition and regulate monopolies.

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-Restrict monopolies that hinder competition
-Regulate monopolies that provide services
-Provide public disclosure to prevent market failures