TYPES OF MARKETS STRUCTURES:
Perfect competition = Pure Competition
Monopolistic Competition
Oligopoly
Monopoly

Perfect Competition =- Dosesn't exist
Characteristics:
Large # of buyers and sellers
Homogeneous Product = products have to be the same
Perfect Knowledge = all buyers and all sellers know what each are doing
Free entry and exit = these people can leave or enter market whenever
One price
Resources are mobile.

Short Run = not enough time for people to make changes
Long Run = time to make changes

the supply curve is the marginal cost curve above the demand curve

Decreasing Cost = type of market people would like to be in. Expansion in numbers, reduction in input costs.
Constant Cost = Page 577, constant return
Increasing Cost = example, Bus Lines

MONOPOLY = a market structure example, Northeast Utilities
Characteristics:
No Close Substitutes
Inelastic product
One seller, many busyers
little knowledge
high barriers to enter and leave......

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Title: Economics
Approximate Word Count: 905
Approximate Pages: 4 (250 words per double-spaced page)

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