FORMS OF INDUSTRIAL ORGANIZATION

Introduction
“In economics, market structure describes the state of a market with respect to competition” (Peterson, 2008). The major market forms are monopoly, oligopoly, monopolistic competition, and perfect competition. A monopoly exists where there is only one provider of a product or service. An oligopoly “denotes a situation where there are few sellers for a product or service. The members of an oligopoly change the nature of a free market” (Peterson, 2008). Monopolistic competition exists where there are a large number of companies which have a small share of the market share. Perfect competition occurs when the market consists of a large number of companies producing a homogeneous product.
Monopoly
A monopoly is an “economic situation in which only a single seller or producer supplies a commodity or a service. For a monopoly to be effective there must be no practical substitutes for the product or service sold, and no......

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Title: Forms Of Industrial Organization
Approximate Word Count: 1859
Approximate Pages: 8 (250 words per double-spaced page)

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