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Industry Categorization

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Perfectly Competitive Market Structure A perfectly competitive market structure can be characterized by having a large number of firms in the market, undifferentiated products, ease of entry or no barriers and complete information available to all participants. In this structure, consumers do not care about the identity of the specific supplier; the purchase decision is based on the price. Also in this structure, no single firm has influence over the price of the product. Lastly, participants in this market structure can easily access information to know which firms are earning the greatest profits and what methods they are taking to do so (Farnham, 2014). While there are very few industries that fall within this category, the ice cream industry can somewhat classify as being perfectly competitive. This is because there are a large number of suppliers, the product really isn’t undifferentiated and there are few barriers to entry. However, ice cream suppliers have the opportunity to somewhat control their prices so they would more than likely be classified as monopolistic competitive.
Monopolistic Competitive Market Structure Monopolistic competitive market structures on the other hand are similar to perfectly competitive markets in regards to having a large number of firms and few barriers to entry however, monopolistic competitive structures have differentiated products rather than undifferentiated and a decent amount of information is available to participants but not complete. Also, firms in this structure do have some control over the price (Farnham, 2014). An example of this type of market structure would be the restaurant industry. Restaurants fit in this category because each restaurant offers something different and each posess their own unique traits. Despite their uniqueness, they are all competing for the same consumers though. Entry…...

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