https://padlet.com/150003132/8jszjruhsgyk Four Market Models en-us 2018-09-04 20:48:52 UTC 2019-11-25 23:00:16 UTC hello@padlet.com 150003132 https://padlet.com/150003132/8jszjruhsgyk/wish/414833886 Pure competition is a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition. The key characteristics of pure competition are that there are a large number of  buyers and sellers,  the industry supplies a homogeneous product, Pure competition allows for firms to enter and exit freely, and all the firms in the industry are price takers.]]> 2019-11-21 17:58:56 UTC https://padlet.com/150003132/8jszjruhsgyk/wish/414833886 150003132 https://padlet.com/150003132/8jszjruhsgyk/wish/414862446 A pure monopoly is a market structure where one company is the single source for a product and there are no close substitutes for the product available. Pure monopolies are relatively rare. In order for a provider to maintain a pure monopoly, there must be barriers preventing competitors from entering the market.Monopoly characteristics include profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.]]> 2019-11-21 18:33:08 UTC https://padlet.com/150003132/8jszjruhsgyk/wish/414862446 150003132 https://padlet.com/150003132/8jszjruhsgyk/wish/414862625 Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products. There are few barriers to entry and exit.]]> 2019-11-21 18:33:23 UTC https://padlet.com/150003132/8jszjruhsgyk/wish/414862625 150003132 https://padlet.com/150003132/8jszjruhsgyk/wish/414862824 An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated. Although only a few firms dominate, it is possible that many small firms may also operate in the market. The three most important characteristics of oligopoly are: an industry dominated by a small number of large firms, firms sell either identical or differentiated products, and the industry has significant barriers to entry.]]> 2019-11-21 18:33:38 UTC https://padlet.com/150003132/8jszjruhsgyk/wish/414862824