The market structure is represented by only a single seller which means there are high barriers as which makes it even difficult for new firms to enter the market

The market structure is represented by only a single seller which means there are high barriers as which makes it even difficult for new firms to enter the market (Layton, Robinson, Tucker, 2016, p. 188) The market structure is represented by a lot of firms which means there are no barriers for a firm to enter the market (Layton, Robinson and Tucker, 2016, p. 160)

The type of product is unique which means that close substitutes don’t exist. (Layton, Robinson, Tucker, 2016. p. 189) All the firms are seen as producing a homogenous (similar) product. The products and services produced by the firms are identical. (Layton, Robinson, Tucker, 2016, p. 159)

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