Market structure of bp

Market structure : there are a number of different buyers and sellers in the marketplace. This means that we have competition in the market, which allows price to change in response to changes in supply and demand. Furthermore, for almost every product there are substitutes, so if one product becomes too expensive, a buyer can choose a cheaper substitute instead. In a market with many buyers and sellers, both the consumer and the supplier have equal ability to influence price.
In some industries, there are no substitutes and there is no competition. In a market that has only one or few suppliers of a good or service, the producer can control price, meaning that a consumer does not have choice, cannot maximize his or her total utility and has have very little influence over the price of goods. 1. A monopoly is a market structure in which there is only one producer and one seller for a product. In other words, the single business is the industry. Entry into such a market is restricted due to high costs or other impediments, which may be economic, social or political.. 1-Pricing power controlled by companies (constrained by demand curve and possible) 2- the economic efficiency is low allocative but economies of scale and reinvested Profits .
2. In an oligopoly, there are only a few firms that make up an industry. This select group of firms has control over the price and, like a monopoly, an oligopoly has high barriers to entry. The products that the oligopolistic firms produce are often differentiated and, therefore, the companies, which are competing for market share (through pricing , quality and services), are interdependent as a result of market forces. 1-Pricing power controlled by companies (interdependent behavior) 2- the economic efficiency is low allocative but scale economies and innovation
3. Perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result,. There