Discuss the four primary market types and how they differ. Give an example of each type firm.

DISCUSS FOUR PRIMARY MARKET TYPES AND HOW THEY DIFFER, GIVING EXAMPLES FOR EACH
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Discuss four primary market types and how they differ, giving examples for each
The world over, there are many factors that cause variations in the market. These elements that have the susceptibility to change from one to another include geographical location, resources, goods and demands. In assessing the market on an economic perspective, primary market types have been clustered into four, taking into account the various permutations founded on the key influencing factors: Oligopolistic, Monopoly, imperfect (monopolistic) competition, and perfect competition (Gurusamy, 2009).
In oligopolistic market, it recognizes that there are a small number of companies, but large in stature, all competing, dominating and controlling a large portion of the market share. An oligarchy, is characterized by there is a structured price control, products in this market type are either differentiated or standardized. Airplanes, cell phone makers are examples of oligopolies, the common thread between them is that the entry threshold is extremely high, and they require expensive infrastructure to start. Other causes of oligopoly include, the economies of scale, where if the capacity of a small group of large companies to capture a large part of the market, then there is likely to be a huge reduction in the number of players in the market. Mergers has also been cited as another factor that causes oligopolies, if current players in the market sense competition with the entry of new firms, it can prompt them to coalesce, under a joint policy, pricing and production.
A monopoly st...