Compare Markets
Types of smarkets
|
Perfect competition
|
Monopoly
|
Monopolistic competition
|
Oligopoly
|
Number of firms
|
Many firms
|
One company
|
Several firms
|
Few ones
|
Freedom of entry
|
Easy entry in the market
|
No entry
|
Easy entry
|
No entry
|
Nature of product
|
Same products
|
Very unique
|
Differentiated
|
Same/differentiated
|
Implications for demand curve
|
Horizontal
|
Downward-sloping
Inelastic
|
Downward-sloping
Elastic
|
Downward-sloping
inelastic
|
Average size of firms
|
Small
|
Relatively large
|
Medium size
firms
|
Large firms
|
Possible consumer demand
|
Low consumer demand
|
Low/medium
|
Medium/High
|
Very high
|
Profit making possibility
|
Very low
|
High
|
Medium
|
Medium/high
|
Government intervention
|
No intervention
|
Yes
|
No
|
moderate
|
A new example
|
Rice production
|
Software company
|
Retails
|
Car manufacturers
|
Diagram comparigan of different kind of markets
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