What you’ll learn5 learning objectivesChoose one objective for a focused lesson, or study the complete topic.7.6.1Market structures• Perfect competition and imperfect competition: monopoly, monopolistic competition, oligopoly, natural monopolySyllabus objective7.6.2Market structure features• Structure of the listed markets as explained by number of buyers and sellers, product differentiation, degree of freedom of entry and availability of informationSyllabus objective7.6.3Barriers to entry/exit• Barriers to entry and exit:- legal barriers- market barriers- cost barriers- physical barriersSyllabus objective7.6.4Firm performance by market structure• Performance of firms in different market structures:- revenues and revenue curves- output in the short run and the long run- profits in the short run and the long run- shutdown price in the short run and the long run- derivation of a firm's supply curve in a perfectly competitive market- efficiency and X-inefficiency in the short run and the long run- contestable markets: features and implications- price competition and non-price competition- collusion and the Prisoner's Dilemma in oligopolistic markets, including a two-player pay-off matrixSyllabus objective7.6.5Concentration ratio• Definition and calculation of the concentration ratioSyllabus objective