Enumerate and explain all types of market structure.

Monopoly - where there is only one seller of a product or service which has no
substitute. The firm is the price maker as they have control over the industry.
There are high barriers to entry, and an incumbent would conduct entry-
deterring strategies if keep out entrants from reaping additional profits for the
company. Frank Fisher, a noticed antitrust economist has described monopoly
power as “the ability to act in an unconstrained way,” such as increasing price
or reducing quality Example is Standard Oil (1870–1911). It is a market with
the "absence of competition", creating a situation where a specific person
or enterprise is the only supplier of a particular thing. This contrasts with
a monopsony which relates to a single entity's control of a market to purchase
a good or service, and with oligopoly and duopoly which consists of a few
sellers dominating a market.[1] Monopolies are thus characterized by a lack of
economic competition to produce the good or service, a lack of viable substitute
goods, and the possibility of a high monopoly price well above the
seller's marginal cost that leads to a high monopoly profit. The
verb monopolise or monopolize refers to the process by which a company gains
the ability to raise prices or exclude competitors. In economics, a monopoly is a
single seller.
Oligopoly - refers to a market structure where only a small number of firms
operate together and control the majority of the market share. Firms are
neither price takers nor makers. Firms tend to avoid price war by following
price rigidity. They closely monitor the prices of their competitors and change
prices accordingly. Oligopoly firms focus on the quality and efficiency of their
products to compete with other firms. Example: Network provider. (Entry
barriers, Small number of sellers, many buyers, products can be homogeneous
or differentiated). It is a market structure in which a market or industry is
dominated by a small number of large sellers or producers. Can result from
various forms of collusion that reduce market competition. Such collisions can
lead to higher prices for consumers and lower wages for the employees of
oligopolies. In the absence of collusion and the presence of fierce competition
among market participants, an oligopoly may develop into a situation similar
to perfect competition
Monopolistic competition - is a market structure that combines elements of
monopoly and competitive markets. Essentially a monopolistic competitive
market is one with freedom of entry and exit, but firms can differentiate their
products. Therefore, they have an inelastic demand curve and so they can set
prices. However, because there is freedom of entry, supernormal profits will
encourage more firms to enter the market leading to normal profits in the long
term. For example, is restaurant and hairdresser. Restaurants compete on the
quality of food as much as price. Product differentiation is a key element of the
business. There are relatively low barriers to entry in setting up a new
restaurant. And Hairdressers is a service which will give firms a reputation for
the quality of their hair-cutting.
Monopsony - is either a market where only one buyer exists, or where a single
buyer dominates the market. We often refer to it as a buyer’s monopoly. The
term refers to just the number of buyers. In this type of market, there may be
many suppliers. The monopsonist can call the shots regarding prices and
product description. They can also dictate terms regarding delivery dates.
When a single buyer controls the market for a particular good or service, in
essence setting price and quality levels, normally because without that buyer
there would not be sufficient demand for the product to survive.
Oligopsony - concentrates the market for a product in the hands of a few big
players. The buyers dominate the market, keeping prices down and wielding
considerable influence over the industry. The supermarket industry is
emerging as an oligopsony with global reach. The fast-food industry is a good
example of an oligopsony. A small number of large buyers including
McDonald's, Burger King, and Wendy's buys a huge amount of the meat
produced by American ranchers. That gives the industry the ability to dictate
the price they are willing to pay.