The value of a product defined by supply and demand.
When there is not enough supply of a product that consumers want to buy.
When a producer has more of a product than he or she can sell.
Things that make it hard for new companies to enter a market.
The classification of a market based on the type and amount of competition among companies.
Monopolistic Competition Market
A market structure in which a large number of companies all produce similar products that are not quite identical and sell them for the same price.
A market structure in which a single supplier controls the market.
A market structure in which a few very large suppliers control the market.
Perfect Competition Market
A market structure in which a large number of companies all produce an identical product and sell it for the same price.
The expenses a business must pay before a product reaches consumers.