A description of the three types of market: Monopolistic, oligopolistic and competitive
Summary :
Table of Contents
- Introduction
- Types of market
- Monopolistic
- Oligopolistic
- Competitive
- Role of demand in a market
- Role of supply in a market
- Costs of the factors of production
- The importance of customer perceptions
- Conclusion
- Bibliography
Abstract
monopolistic markets lie between pure perfect competition and pure monopoly. Within this type of market a firm's product will differ to that of its rivals, the difference may only be small (for example the packaging may be slightly different), or there could be a big difference. The various firms within this market type have the ability to look at the differences between their own products and that of their rivals products, this gives them some flexibility when they decide the price of the products, rather than taking the market price.
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