An explanation of monopoly, oligopoly, perfect competition, and monopolistic competition - a detailed overview

The Australian market is a diverse economic ocean - it has different species of marine life (industries), different swells (market structure) and even 'hot' and 'cold' spots (public companies). One of the key determinates to a successful national economy is the structure of its markets. The main market structures are: <Tab/>1. Monopoly <Tab/><Tab/><Tab/><Tab/&…

…The basic rule in market structure is consumer sovereignty - the mentality that the consumer is God. All four market structures have their pros and cons, but at the end of the day, it is the consumer who chooses what to buy from where, and it is the government's role to monitor and change any market behaviour that could be potentially damaging, not only to the marketplace, but to the consumer, and to the economy.