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The Australian market is a diverse economic ocean - it has different species of marine life industries different swells market structure and even hot and cold spots public companies One of the key determinates to a successful national economy is the structure of its markets The main market structures are 1 Monopoly 2 Oligopoly 3 Perfect Competition 4 Monopolistic Competition Each of these market structures have unique characteristics and can be classified according to three factors The degree of competition the first factor is important as it classifies markets into different market structures It compares the relative sizes of firms the amount of sellers vendors and the barriers of entry to the market The second factor is pricing strategies The big fish have high power to set a price because of their size and influence over the market On the other hand a smaller less powerful business will usually have extremely little or no power to set the price The final factor to be taken into account when classifying a market structure is the profit of a firm and their performance compared to others if applicable Every market is classifiable into one of the four market structures monopoly oligopoly perfect competition and monopolistic competition Monopoly A monopoly is a situation where one firm completely dominates the market This is exactly the opposite of perfect competition explained later and it means that one firm has 100 market share There can be several circumstances that result in a monopoly If only one firm selling a unique product that they have various patents or copyright on then the company has a monopoly on the market A monopoly also results when no substitute product is being sold leaving the consumer able to purchase only the monopolized product This means that the market has extremely high barriers to the entry of another firm Monopolies are commonly referred to as price setters which means that because of their
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