Number of sellers and product type determine market nature {market structure}. Many sellers can sell standardized product in pure competition.
Many sellers can sell small amounts of differentiated product {monopolistic competition}, which emphasizes product design and publicity, because brand name, variety, prestige, and habit affect consumer. Price is higher but equals extra value to consumer. Monopoly and oligopoly can lead to more-efficient management and better technology, which can lower costs. Monopoly and oligopoly markets typically depend on prestige or high sales, rather than profit.
Social Sciences>Economics>Microeconomics>Market>Structure
6-Economics-Microeconomics-Market-Structure
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Date Modified: 2022.0224