Market Structures II

Economics SSS 2 Second Term


Market Structures II

Performance Objectives

Student should be able to:

  1. Draw graph to illustrate price and quantity determination under
  1. Perfect competition
  2. Monopoly market
  3. Oligopoly market



A perfect market structure also known as perfect competition is characterized by a very large number of buyers and seller of homogeneous products. Information is freely available to all market participants that each can act as a price taker; there is free entry and exit to the market. In reality, it is difficult to identify a perfect market; however, agricultural markets are examples of nearly perfect competition.

Assumptions and features of perfect competition

  1. All goods are homogeneous
  2. View More

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