Market Structures - JSS1 Agricultural science Lesson Note

1. Perfect Competition: A theoretical market structure where many buyers and sellers exist, and no single entity has control over the market price. Agricultural markets often exhibit elements of perfect competition.

2. Monopoly: A market structure where a single seller dominates the market, controlling the supply and price of agricultural products. Less common in agricultural markets due to the presence of many producers.

3. Oligopoly: A market structure dominated by a small number of large sellers. This may occur in the agricultural sector, especially in industries with high entry barriers.

4. Monopsony: A market structure where there is only one buyer for a particular agricultural product. This can give the buyer significant control over prices.