Economics - Markets and Market Failures

A market structure in which a few large firms dominate a market ...

• Monopoly

• Perfect competition

• Oligopoly

• Barriers to entry

An illegal agreement among firms to divide the market, set prices, or limit production ...

• Collusion

• Oligopoly

• Barriers to entry

• Perfect competition

Goods and services provided by the government ...

• Externalities

• Public Goods

• Free-Rider Problem

A market in which there are many buyers and many sellers of an identical product ...

• Collusion

• Monopoly

• Oligopoly

• Perfect competition

Factors that make it difficult for a new firm to enter a market ...

• Collusion

• Barriers to entry

• Oligopoly

• Monopoly

Individuals benefit from public goods that don't help pay for them through taxes.

• Externalities

• Public Goods

• Free-Rider Problem

“Side effects” of producing the good or service and can have a positive or negative affect on others.

• Externalities

• Public Goods

• Free-rider problem

A market for a good or service where there is only one supplier, or that is dominated by one supplier ...

• Monopoly

• Collusion

• Perfect competition

• Barriers to entry