Are market structures applicable in service industries?

Marketing Jan 13, 2021

Expert Solution

Service industries for example insurance, healthcare are satisfying needs of the consumer without transferring tangible products.

Yes, market structures are also applicable in service industries as in this industry there might be single seller of that service or a number of sellers providing the same service.

If only single seller is providing a particular service for example insurance than the structure of this market is known as monopoly.

If there are many sellers serving the same service say insurance than the structure is knows as perfect competition.

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