A market structure is defined in terms of the number and sizes of buyers and sellers on a market, the type of product traded on the market, the mobility of resources, and the amount of knowledge economic agents have about market conditions.

Question

Quizplus · Accepted Answer

A market structure is indeed characterized by several key elements including the number and sizes of buyers and sellers in the market, the type of products being traded, the mobility of resources (how easily resources can be moved in and out of the market), and the level of information that participants have regarding market conditions. These factors collectively determine the competitive environment and dynamics of the market.

A Market Structure Is Defined in Terms of the Number