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  2. There are four basic types of market structures123:
    1. Perfect competition: Many small firms, identical products, no barriers to entry.
    2. Monopolistic competition: Many firms, differentiated products, low barriers to entry.
    3. Oligopoly: Few large firms, interdependent decisions, high barriers to entry.
    4. Monopoly: Single firm, unique product, high barriers to entry.
    Learn more:
    Four basic types of market structure characterize most economies: perfect competition, monopolistic competition, oligopoly, and monopoly. Each of them has its own set of characteristics and assumptions, which in turn affect the decision-making of firms and the profits they can make.
    quickonomics.com/market-structures/

    Summary

    • Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods.
    corporatefinanceinstitute.com/resources/economic…
    A market structure is the environment in which a business operates and relies on factors like how competitive the market is, how easy it is for a new company to enter the market and how differentiated each company's products are. The four main types of market structures are perfect competition, monopolistic competition, oligopoly and monopoly.
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