COMPARATIVE ANALYSIS OF TYPES OF MARKET STRUCTURES

Keywords: competition, type of market structure, perfect competition, monopolistic competition, oligopoly, monopoly

Abstract

The article presents a comparative analysis of the main types of market structures. The characteristic features on the basis of which the model of market structure is determined are considered. The level of competition is characterized as a key factor in determining the market model. Features, advantages and disadvantages of each type of market structure are analyzed. The economic efficiency of the market of perfect competition is substantiated. The key advantage of the market of monopolistic competition, which consists in the differentiation of goods and services, as well as methods of their promotion, is determined. The analysis of the main opportunities and threats of the oligopolistic market is carried out. The threats and negative consequences of monopolies, as well as the need for state control under these conditions are described. Features of real and "ideal" market structures are reflected. The most economically efficient market models have been identified. A market economy is a complex and dynamic system of economic relations between sellers, buyers and other entities. This causes the heterogeneity of markets, namely their difference in certain parameters: the number and size of enterprises operating in the market, their ability to influence the price level, the type of goods offered and much more. Based on these characteristics, the type of market structure or otherwise the market model is determined. However, in today's market conditions it is quite difficult to clearly define to which type of market structure to attribute a particular market for goods and services. The purpose of the study is to conduct a comparative analysis of the main types of market structures, in order to determine their advantages and disadvantages. The market of absolute competition is characterized by a high level of economic efficiency. With regard to monopolistic competition, this is the type of market structure that needs to be regulated. A significant advantage of this structure is the variety of goods. Oligopolies are effective in developing and implementing certain innovations. In general, the spread of monopoly negatively affects the level of economic efficiency of the market, as the monopolist aims to maximize profits with minimal production, as a result, available resources are not fully used and consumers do not receive the required number of products, low production efficiency.

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Published
2021-09-28
How to Cite
Mykulanynets, S. (2021). COMPARATIVE ANALYSIS OF TYPES OF MARKET STRUCTURES. Economy and Society, (31). https://doi.org/10.32782/2524-0072/2021-31-23
Section
ECONOMICS