Market StructuresOnline version monopoly, duopoly, oligopoly, monopolistic competition, perfect competition by Jessica-Ann Mihan 1 Monopoly 2 Duopoly 3 Oligopoly 4 Monopolistic Competition 5 Pure or Perfect Competition One business in control of prices Little competition = no close substitutes Example: Ergon Energy Corporation Example: Australia Post Two businesses control and share the competition Example: Coca-Cola and Pepsi Example: Visa and Mastercard Example: Coles and Woolworths A small number of businesses Dominate with familiar brands Example: Car Manufacturing Example: Streaming Services (neflix, binge, amazon, stan) A large number of businesses Low barriers to entry Rely on branding - products/ services that are similar (but not perfect) substitutes Example: Clothing Industry Example: Restaurants Many buyers and many sellers = shared competition = no influence sell identical products (homogenous) Example: Farmers Market
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