The four classes of Market Structure

Choose a market for a product in which you work, or in which you are interested.

Which of the 4 classes of “Market Structure” comes closest to describing the current state of the market.
Do you think that 10 years from now that market structure will be the same, or do you think it will change to become more competitive or less competitive? Explain.

4 Market Structures: Pure Competition, Pure Monopoly, Monopolistic Competition, and Oligopoly,

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There are different market structures for different products and in most cases an entrepreneur is supposed to evaluate the economy and the market structure before choosing what market to take his products to. There are various factors that describe and determine market structures. These market structures include: Pure Competition, Pure Monopoly, monopolistic competition and oligopoly.

In choosing a market structure for kitchen equipment including electric kettles, fridges and electric cookers, l would choose a perfect competition market structure for my products. This is because a perfect competition allows free entry into the market (Carl, 2012). This is also because unlike a monopoly or an……

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