Final answer:
Market structures describe the nature or degree of competition among firms in the same industry. Different market structures include perfect competition, monopolistic competition, oligopoly, and monopoly.
Step-by-step explanation:
Market structures describe the nature or degree of competition among firms in the same industry. The different market structures include perfect competition, monopolistic competition, oligopoly, and monopoly. In perfect competition, there are many buyers and sellers dealing in identical products. Monopolistic competition is characterized by many producers supplying similar but varied products, while oligopoly is when a few large firms dominate the market and have significant market power. Monopoly occurs when there is a single producer with no competition.