Market Structures
Market Failures
Externalities
Positive Externalities
A benefit that falls on someone other than the producer or consumer.
Negative Externalities
Is a cost that falls on someone other than the producer or consumer.
oligopoly
Ease of entry
Number of Producers
Similarity of Products
Control over price
Perfect Competition
Ease of Entry
Number of Producers
Similarity of Products
Control Over Price
Monopoly
Ease of Entry = Hard to get into
Number of Producers = Only 1 Producer or very few.
Similarity of Products = Unique Product
Control over price = A lot of control over price
Main topic
Monopolistic Competition
Ease of Entry
Number of producers
Similarity of Products
Control Over Price