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Index
Introduction - 1
Defining A Market - 2
The Importance Of Competition - 3
The Result Of Competition - 4
Intervening In Markets - 5
The Allocative Role - 6
The Distributive Role - 7
The Regulative Role - 8
The Regulative Role (continued) - 9
The Role Of Government - 10
The Role of Government (continued) - 11
The Stabilizing Role - 12
Vertical and Horizontal Integration Defined - 13
Defining Market Structure - 14
How A Firm Can Grow - 15
Mergers and Takeovers - 16
Vertical And Horizonal Integration (Diagram) - 17
Why markets Vary in Structure - 18
Product Differentiation - 19
Product Differentiation (continued) - 20
Free Range ''Googs''- 21
Product Differentiation (continued) - 22
Non Price Competition - 23
Non Price Competition (continued) - 24
Defining The Types Of Market Structures - 25
Perfect Competition - 26
Perfect Competition (continued) - 27
The Market For Oranges - 28
The Market For Oranges (continued) - 29
Bitter Oranges - 30
Summary: Perfect Competition - 31
Monopolistic Competition - 32
True Blue Oranges - 33
Monopolistic Competition (continued) - 34
Oligopoly - 35
Oligopoly (continued) - 36
Oligopoly (continued) - 37
Kinked Demand Curves - 38
OPEC - 39
OPEC (continued) - 40
Monopoly - 41
Microsoft - 42
Why Monopolies Are Inefficient - 43
Revision Questions On Market Forms - 44

Why Markets Vary in Structure - 18
Markets vary in structure for a variety of reasons. The first relates to the number of firms operating in the market.

A monopoly is a market where there is only one supplier.

In a perfectly competitive market, there are large numbers of buyers and sellers, and no one person or firm has the ability to control price and the level of production.

The second relates to what is called barriers to entry. If only a small amount of capital is needed to set up business in a market, it is likely many firms will be operating in that market. The ''barriers to entry'' in that market are low. It is likely competition in such markets will be high. In markets where a large amount of capital is needed to start up operations, the ''barriers to entry'' are said to be high. It is likely that only a few firms will be operating in such a market. If you want to open a ''fruit and veg'' shop, it is relatively easy to do so; the barriers to entry are low. If you wanted to become a manufacturer of cars, the barriers to entry are considerable. You will need several billion dollars to be able to complete with existing firms in the market.

Some firms may be able to ''rest'' behind barriers to entry, because of their control over raw materials used in production.

In some markets, firms have considerable influence over prices. Control over prices is influenced by the number of competitors you face, and the barriers to entry into your industry.