CHAPTER 7: DIFFERENT TYPES OF MARKET STRUCTURES WHAT IS A MARKET? An environment in which buyers and sellers interact to exchange goods and services.
BELLWORK 1. Which of the following is NOT a condition for perfect competition? (1) many buyers and sellers participate (2) identical products are offered.
Market Models /Structures* * are theoretical frameworks for existing firms and industries in the real world. Basic market models: 1. Pure/ perfect competition-
CHAPTER 7: DIFFERENT TYPES OF MARKET STRUCTURES What Are Markets? A market is where buyers and sellers: – –meet to exchange goods and services. – –are.
1 CHAPTER 21 PURE COMPETITION 4 Market Structures Economists group industries into four distinct market structures based on: * the number of firms in.
