The Two Market Structures at the Extreme

Have you ever wondered why some markets possess the ability to influence economic activities in their ventures and some don't? Anyway, the aforementioned scenarios depend on the characteristics of the market in question. If you are the sole provider of your product, then you are a monopolist. If you are on the other side of the spectrum, you take your market price as given because many other suppliers selling similar products as you, have invaded the market. This means you are operating in a perfectly competitive market.

The following classifications will help you identify the type of market in which you are operating:

Characteristics	Perfect competition	Monopoly
Price determination
Nature of product
Number of sellers
Influence over price
Barriers to entry
Shape of the demand curve
The ability to make economic profit in the short run and long run
How to determine when  markets are making normal profits/economic profits/losses

Fear Not!

Child of God, fear not!

Remain focused on your goal - God will guide you.

Give more generously - God will supply.

Love more freely- God will energise you.

Say "can do" more often - God will amaze you.

FEAR NOT!