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Kudlerfinefoods

In: Business and Management

Submitted By krisaus
Words 1419
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Kudler Fine Foods

ECO/365

Market Structures There are four main types of market structures; perfect competition, monopoly, monopolistic competition and oligopoly. “ A perfectly competitive market is a market in which economic forces operate unimpeded”(Colander, 2010). There are a six different criteria that must be met in order for a market to be considered a perfect competition.
Both buyers and sellers are price takers.
The number of firms is large.
There are no barriers to entry.
Firms products are identical.
There is complete information.
Selling firms are profit-maximizing entrepreneurial firms. In order to understand what those requirements entail, a few terms need to be defined. Price-takers refers to “a firm or individual who takes the price determined by market supply given”(Colander, 2010). Barriers to entry can be many different things that prevent a firm from entering a particular market. They are usually social, political or economic obstructions, that prevent that entry. Perfect competition only really works in one marketable industry. Since all products are the same or identical, it really attracts the agricultural world. Cotton produced in Arizona and cotton produced in Australia are exactly the same. They come from the same seed. There is no real difference between the two different cottons, only that one was grown in Arizona and the other in Australia. The cotton will still cost the same. Perfect competition markets are profit-maximizing entrepreneurial firms. This means that they have to seek out maximum profits and only profit, and the people who make the decisions, will only receive profits and no other form of compensation. Another common market structure are monopolies. A “monopoly is a market structure in which one firm makes up the entire market It is the polar opposite to competition”(Colander, 2010). The barriers to entry…...

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