![]() If there is a single seller in a certain market and there are no close substitutes for the product, then the market structure is that of a "pure monopoly". A monopoly is a structure in which a single supplier produces and sells a given product or service. There are four basic types of market structures in traditional economic analysis: perfect competition, monopolistic competition, oligopoly and monopoly. ![]() In economics, the idea of monopolies is important in the study of management structures, which directly concerns normative aspects of economic competition, and provides the basis for topics such as industrial organization and economics of regulation. This is the main way to distinguish a monopolistic competition market from a perfect competition market.
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