How many firms are there in the market?.Are there barriers to entry that firms face to enter the market or barriers to exit that firms have to pay to leave the market?.Are individual firms price takers or price searchers?.The main characteristics we will study are: We will have a total of four market structures: Further, the market structures exist on a spectrum, so we will be concerned with the changes in outcome based on the changes in the characteristics from one market structure to another.
Instead, we should think about the characteristics and the impact each has. It is very tough to find a market or firm that exists in a single market structure.There can be structural differences from one structure to another, but this will be captured within the problem. The cost calculations are the same regardless of the market structure.There are a couple of things you should be aware of: Over the next four chapters, we will learn about a variety of market structures. 7 Perfect Competition 7.1 an Introduction to market structures
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