Major Determinants of a Market Structure in Nigeria
Some of the major determinants of a market structure is given as;
- The number of sellers in the market.
- The number if buyers in the market.
- The mature if goods and services offered by the firms.
- The concentration ratio of the company; which shows the largest market shares held by the companies.
- The entry and exit barriers in the particular market.
- The economies of scale; that is, how cost efficient is a firm in producing the goods and services at a low cost
- The degree of vertical integration; that is the combining of different stages of production and distribution managed by a single firm.
- The level of product and services differentiation.
- The level of customer turnover. That is, the number of customers willing to change their choice with respect to goods and services at the time of adverse market condition.
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Somtochukwu
Visionary Leader and Development Economist in Nigeria. CEO at Bufiredd Economic Consults Ltd
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