(1) Overview of Market Structure Analysis
Market Structure, Market Environment, Degree of Competitiveness, Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly
This introduces the concept of "Market Structure" as reflecting the economic environment within which a firm operates. The focus is on how the environment varies along a continuum in terms of "degree of competitiveness." The four standard "types" of market structure are identified: 1) Perfect Competition, 2) Monopoly, 3) Monopolistic Competition, and 4) Oligopoly and aligned along the continuum of competitiveness. Finally, two key insights are identified as emerging from the study of the extreme market structures and two insights are identified as emerging from the study of the intermediate market structures.
Crane, Steven E., "(1) Overview of Market Structure Analysis" (2011). Principles of Microeconomics. Paper 42.
Ability to explain the nature of Market Structure Analysis, and to discuss the continuum of "degree of competitiveness." Ability to Identify four types of market structure, and to align them along the degree of competitiveness continuum. Ability to identify and explain key insights that emerge from the study of various market structures.