Market Structures Introduction

Question 1

What are the 5 market structures?

Answer 1

1)Monopoly
2)Perfect Competition
3)Monopolistic competition
4)oligopoly
5)Monopsony

Question 2

What is a N-firm concentration ratio?

Answer 2

N-firm concentration ratio measures how much market share the N largest firms in a market have. N is the number of firms mentioned.