Market Structures List the Top 4 Brands for Each of the Following Products: Jeans 1. 2. 3. 4.

Soft Drinks 1. 2. 3. 4.

Strawberries Tap Water 1. 1. 2. 2. 3. 3. 4. 4. Market Power - Types: 1) Perfect Competition -

- Large number of firms producing the _________________________. - __________ is set by buyer. - Each firm’s production level ___________________________. - _______ barriers to entry. Ex.

2) Monopolistic Competition - - Many firms compete to sell products that are _________________________________. - Differentiated products. - _________ control over price. - ________ barriers of entry. Ex.

 More Competition Less Competition Less Concentration More Concentration

3) Oligopoly - - Market dominated by _________________________________. - Little or _________________________________. - __________________ barriers to entry. Ex. Collusion: Predatory Pricing: Conglomerate – A business combination merging more than 3 businesses to make _________________. 4) Monopoly – - A market dominated by a _____________________. - Barriers ________________ prevent firms from entering. - High prices = __________________________. - Natural Monopoly: Ex. - Government Monopoly: Ex. ______________________: Dividing customers into two or more groups and charging different prices. Examples

1) 2) 3) 4) 5)