Market Structures - Mind Map

Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version.

View larger version of the mind map.

• Perfect Competition
  • Many Buyers and Sellers
  • Freedom of entry and exit
  • Homogenous products
  • Perfect information
  • Sellers - price takers
  • Long run normal profit
• Imperfect/Monopolistic Competition
  • Many Buyers and Sellers
  • Differentiated products
  • Relatively free entry and exit
  • Some control over price
  • Tiny monopoly over product
• Oligopoly
  • Competition amongst the few
  • Concentration ratio
  • High Barriers to entry
  • Non-Price competition
  • Price stability?
  • Kinked Demand Curve
  • Product differentation
  • Collusion?
  • Abnormal Profits
  • Interdependence between firms
• Monopoly
  • Firm = Industry
  • Natural Monopolies
  • 25%+ Market Share
  • Control over price OR output
  • Price discrimination?
  • High Barriers to Entry
  • Consumer choice
  • Abnormal Profits