Introduction
There are various forms of market. Each has their own set of characteristics such as the number of sellers, the level of competition, the response of the market to every decision made by the sellers and vice versa, and basically all sorts of factors that come into play whenever we talk about microeconomics. Market structure, in economics, is the term used to describe the varying number of firms that produce the same or identical products and line of products. Monopolistic competition, oligopoly, duopoly, monopsony, oligopsony, and perfect competition are all types of market structure and to be able to ...