Chapter 7 by Conor Hutchins https://padlet.com/523360/4t4182gjw4gt Market structures en-us 2018-03-14 14:51:47 UTC 2018-03-15 12:10:00 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Rafaelo.png Perfect Competition 523360 https://padlet.com/523360/4t4182gjw4gt/wish/241917153 A market structure characterized by a large number of well-informed independent buyers and sellers who exchange identical products.]]> 2018-03-14 14:53:06 UTC https://padlet.com/523360/4t4182gjw4gt/wish/241917153 Necessary Conditions 523360 https://padlet.com/523360/4t4182gjw4gt/wish/241920942 1. There must be a large number of buyers and sellers.
2. Buyers and sellers must deal in identical products.
3.Each buyer and seller acts independentally.
4. buyers and sellers are reasonably well-informed about products and prices.
5. Buyers and sellers are free to enter into, conduct, or get out of business.]]> 2018-03-14 14:59:02 UTC https://padlet.com/523360/4t4182gjw4gt/wish/241920942 Imperfect Competition 523360 https://padlet.com/523360/4t4182gjw4gt/wish/241934104 The name given to any of three market structures that lacks one or ore of the conditions required for perfect competition.]]> 2018-03-14 15:18:45 UTC https://padlet.com/523360/4t4182gjw4gt/wish/241934104 Monopolistic Competition 523360 https://padlet.com/523360/4t4182gjw4gt/wish/241936154 A market structure that has all the conditions of perfect competition except for identical products.]]> 2018-03-14 15:21:55 UTC https://padlet.com/523360/4t4182gjw4gt/wish/241936154 Product Differentiation 523360 https://padlet.com/523360/4t4182gjw4gt/wish/242291002 Real or perceived differences between competing products in the same industry.]]> 2018-03-15 12:02:24 UTC https://padlet.com/523360/4t4182gjw4gt/wish/242291002 Oligopoly 523360 https://padlet.com/523360/4t4182gjw4gt/wish/242291588 A market structure in which  few very large sellers dominate the industry.
Ex: Burger king, Wendy's]]> 2018-03-15 12:04:11 UTC https://padlet.com/523360/4t4182gjw4gt/wish/242291588 Monopoly 523360 https://padlet.com/523360/4t4182gjw4gt/wish/242291942 A market structure with only one seller of a particular product.]]> 2018-03-15 12:05:15 UTC https://padlet.com/523360/4t4182gjw4gt/wish/242291942 523360 https://padlet.com/523360/4t4182gjw4gt/wish/242292427 2018-03-15 12:06:40 UTC https://padlet.com/523360/4t4182gjw4gt/wish/242292427 523360 https://padlet.com/523360/4t4182gjw4gt/wish/242292673 2018-03-15 12:07:21 UTC https://padlet.com/523360/4t4182gjw4gt/wish/242292673