Unit 2.11 · Market Failure: Market Power
Market Structures Overview
AO2HL
Syllabus Requirement
Covers perfect competition, monopoly, oligopoly, and monopolistic competition, highlighting entry barriers, number of firms, and product types.
Assessment Objectives
AO2Application and Analysis
Summary
Market structure refers to the classification of firms within an industry based on their characteristics and behavior. Understanding market structures is important as it helps consumers make informed decisions and allows governments to create effective economic policies.