Understanding different market structures is important for consumers so they can make smart choices. Let's break down the key types of market structures:

1. Perfect Competition:

   • There are a lot of buyers and sellers.
   • The products are very similar.
   • Prices are based on how much people want to buy and how much is available.
   • For example: Imagine farmland that grows wheat. The average price for wheat might be around $200 for each ton.

2. Monopolistic Competition:

   • Many companies sell similar products but make them a little different.
   • For example: Think of fast food restaurants. Prices can range from $5 to$10 for similar meals.

3. Oligopoly:

   • Only a few sellers control most of the market.
   • For instance: The airline industry has the top 5 airlines handling about 60% of all flights.

4. Monopoly:

   • One seller has complete control of the market.
   • This can lead to higher prices and fewer choices.
   • For example: In many places, there is only one company that provides water. People might pay about $100 each month for it.

By learning about these different market structures, consumers can compare prices, choose products wisely, and push for fair competition.