Study Notes
Market Structures and the Degree of Competition
- Level:
- AS, A-Level
- Board:
- AQA, Edexcel, OCR, IB
Last updated 22 Mar 2021
Very few, if any, businesses operate without facing competition. It is not enough to understand what customers value. A business has to be able to deliver customer value better than the competition.
The ability to do this is heavily influenced by the structure of the market in which a business operates. The more competitive a market is – the harder the task becomes.
In economics, there are four main categories of market structure:
These four categories can be summarised as follows:
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