Monopoly and oligopoly villages

Classified in Economy

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According To the GAC Business Manual a market is where goods or services are bought and Sold. There are three types of markets. On this essay I am going to describe And add an example of each market.

First, there is the perfect Competition market. This market has a large number of firms and no single Entity control the prices because there are many competitors that will match The lowest price or offer a lower price. Also, the entry for competitors is Easy. An example is agriculture because there are numerous farmers selling the Same fruit and with usually the same prices.

Then, there is oligopoly Which has a few number of firms to buy and there is some control over price. The entry to this type of market is difficult. For example, Apple and Samsung Dominate the smartphones industry, and it is difficult to compete with them.

Finally, there is the Monopoly market which has the lowest number of firms and the highest control Over prices. The entry of competitors is extremely difficult and the buyers Have no say. An example Disney which owns dozens of entertainment brands like Marvel, ESPN, History Channel, Pixar, Hollywood Records, Fox, etc.

In conclusion, there are Three types of markets, they mainly differentiate by the amount of firms in the Industry, the control over price and how hard is the entry of competitors. As Mentioned above, it is way easier to compete with a perfect competition market Than with a monopoly market because this type of market is a top brand.

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