Market structures are described as the makeup of a particular market. Market structure can be described with reference to different characteristics of a market, including its size and value, the number of buyers and sellers, forms of competitions, extent of product differentiation, and ease of entry into and exit from the market. Markets are broken down into four different types of structures. These structures are perfect competition, monopoly, oligopoly and monopolistic competition. The structure of each market is based on the traits of its business type. Since the goal of all business is to maximize profits, it is up to each individual business to determine which market structure makes sense. One of the four is a perfectly competitive market. In a competitive market there are numerous buyers and sellers in the current market and the goods that are offered by the sellers are very similar in value and product. Similar products means their competition is high, since there are many different options close by. In regards to prices they are determined by supply and demand, No participants are large enough to have the market power to set the price, on the other had consumers and producers can influence the price. There are few barriers to entering the market. In regards to the economy a perfectly competitive market is important, since it’s the market that carries many necessary items. A classic example of this market structure would be street food vendors especially in a metropolitan area. There are relatively few barriers for entry and exit for street vendors. there are numerous buyers and sellers of the food. In addition to consumers having perfect information of the product, as well as these products have little to no variation in the products nature. Which then provides buyers the freedom to choose from which vendor they would like to buy from? Monopoly market structure can be best described as a market where there is only one major supplier or producer for a product; there are no close substitutes. The single firm is in fact the industry. Unlink a perfectly competitive firm; the monopolist does not have to take the market price as given. Instead the monopolist is a price searcher. The monopoly’s firm demand curve is identical to the market demand curve. This business can continue selling products as long as the marginal revenue is greater than the marginal cost. A monopoly market firm will always set their quantity at the level where marginal costs is equal to marginal revenue. The barriers of entry are high in a monopoly that they prevent any other firm from entering the market. Common barriers are access to natural resources, expensive startup costs, and legal patents. In regards to the economy this market plays a substantial role since its product is often one that we depend on. An example of a monopoly would be the United States Postal service. Even though lately in the news you hear that postal service is loosing money. Reports published in 2014 said that USPS lost a staggering 2 billion dollars in just three months, despite cutbacks in service, People have been wondering why other business haven’t entered the market to compete with the post office for first class and standard mail delivery, That’s bec