market structure.ppt

1-# OUTCOME 3.1  Explain how market structures in practice deviate from the model of perfect competition Explain the model of perfect competition and its characteristics. Explain the common market structure in practice. Explain the deviation from perfect competition. It is suggested to compare their characteristics, such as the number of sellers, comparability of goods, market power, information and entry of the market. Market Demand The demand for a good or service is defined as: Quantities of a good or service that people are ready (willing and able) to buy at various prices within some