Economists generally characterize markets as:

1. Perfect Competition --A market model that assumes pure competition plus perfect
knowledge, perfect freedom of movement, and perfect substitutability of the factors
of production.

2. Monopoly- a market in which there are many buyers but only one seller; "a
monopoly on silver"; "when you have a monopoly you can ask any price you like

3. Monopolistic Competition-1. A market situation where many sellers, each with a
relatively small market share and with slightly differentiated products, compete for
consumer patronage. 2. A market situation where many sellers compete, often
emphasizing marketing variables other than price.

4. Oligopoly - A market condition in which only a few large sellers vie and collectively
account for a relatively large market share

The groups are categorized as follows:
Many sellers- Perfect Competition, Monopolistic Competition

Standardized products- Perfect Competition, Oligopoly

Single Seller- Monopoly

Few sellers- Oligopoly

Differentiated products- Monopolistic Competition, Oligopoly

Unique product- Monopoly

High barriers to entry- Monopoly, Oligopoly

Pricing Power- the power to control the market price- high- Monopoly

Pricing Power- some- Oligopoly, Monopolistic Competition

Pricing power- none- Perfect Competition


Activity:

Please describe the market structure for the following industries in your country:

1. Car industry

2. Oil/Petroleum

3. Telecommunications

4. Personal care products

5. Telephone English companies

6. Semiconductor Industry

7. Electric Appliances

8. Computers

9. Apparel/Clothing

10. Water