Four types of market structure
Monopolistic competition
Oligopoly
Monopoly
Perfect competition
In our case there is a perfect competition because so many sellers having identical or same products. Which are characteristics of perfect competition.
Recommended:
Pure or perfect competition is a theoretical market structure in which the following criteria are met: all firms sell an identical product (the product is a “commodity” or “homogeneous”); all firms are price takers (they cannot influence the market price of their product); market share has no influence on price; buyers have complete or “perfect” information – in the past, present and future – about the product being sold and the prices charged by each firm; resources such a labor are perfectly mobile; and firms can enter or exit the market without cost.
Note: - We are not responsible for any mistake, this is for your idea or help, need to verify yourself.
