I like the explanation about market structures types in Wikipedia better than the one in textbook. I hope my future business can have a monopoly or oligopoly with unique products.
Different types of market structure include
* Monopolistic competition, also called competitive market, where there are a small number of dependent firms which each have a very large proportion of the market share and products from different companies are different.
* Oligopoly, in which a market is dominated by a large number of firms which own more than 40% of the market share.
* Oligopsony, a market, where many sellers can be present but meet only a few buyers.
* Monopoly, where there is only one provider of a product or service.
* Natural monopoly, a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm. A firm is a natural monopoly if it is able to serve the entire market demand at a lower cost than any combination of two or more smaller, more specialized firms.
· Monopsony, when there is only one buyer in a market.
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