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Describe the three market types monopolistic, oligopolistic and competitive.
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TO: Peter Eskesen FROM: Peter Farrey REF: OCE 3 DATE: 5-May-07 REPORT ON: UK Banking 1.0 Describe the three market types monopolistic, oligopolistic and competitive. There are three types of market, monopolistic, oligopolistic and competitive, I will describe each of these types of markets. Below is a diagram of how these markets are set out. 1.1 Monopolistic (imperfect competition) Monopolistic markets lie between pure perfect competition and pure monopoly. Within this type of market a firm's product will differ to that of its rivals, the difference may only be small (for example the packaging may be slightly different), or there could be a big difference. The various firms within this market type have the ability to look at the differences between their own products and that of their rivals products, this gives them some flexibility when they decide the price of the products, rather than taking the market price. Within this market type: * Goods and services are not...
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