Market Structures

Learning Objectives

To understand the features of different market structures prevalent in an economy, To comment on the relevance of classified market structure in India, To state the effect of time on price-output decisions of a firm, To examine the underlying principles of price-output decisions of a firm. 

The competitive environment or the market structure in which an industry operates plays a decisive role in price and output decisions of a firm. Of the three factors of pricing, namely, customer, cost, and competition, two have already been examined; Consumer demand sets the ceiling or the upper limit to the price that a company can charge. Demand schedule depicts the different levels of demand for each price set by the company while elasticities of demand show the responsiveness of demand to a change in demand determinants. Cost of production sets the floor or the lower limit of price to be set. A company wants to set a price that covers the cost borne by the firm in production. Competitive environment helps the - firm decide where the prices might be set. 

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